The Globalization of Australian Business

The globalisation of Australian business has significantly advanced through recent years as the global economy has progressed. Some of the most prominent driving factors of globalisation include the technological advancements that have allowed for the expansion of the Australian market along with the establishment of free trade agreements with different nations. Benefits of Free Trade Agreements within the Australian Economy include higher quality products for Australian consumers and the low cost of exports for areas of Australian business. However, the changes to Australian businesses have also created severe consequences, such as a rise in the Australian unemployment rate. The different factors and consequences associated with the globalisation of Australian business have continued to allow it to progress and advance with the modern economy.

Technological advancements have continued to expand Australia’s consumer market globally and remains’ to be one of the fundamental driving factors of globalisation. Since the 1990s development of computer software and telecommunication have increased the amount of information and resources readily available for people and businesses in need. The introduction of computer software into society, particularly the World Wide Web has allowed for instant communication and has revolutionised people’s social life and the modern economy. The increase level of knowledge and communication has provided Australian businesses with the opportunity to further develop their businesses and use the technological advances to provide their services and goods to a larger consumer market. For instance, recent statistics by the NAB Online Retail Sale Index found that Australians are spending nearly $15 billion ...

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...clear that globalisation of Australian business has created positive contributions to the Australian economy but also negative consequences associated with it. The technological advancements and establishments or free trade within Australian business both have continued to allow the growth of the economy and of Australia’s foreign relationships. Furthermore, the development of free trade agreement has also saw the quality and price of foreign and local products to improve in Australian businesses. Unfortunately, the success of globalisation has been the cause of negative consequences within the society such as a high unemployment rate within the Australian public. If Australian businesses wish to continue to expand and be confident in their future success, it is crucial that any current issues are resolved so the condition of Australian business will remain strong.