Australia's population is a diverse and rich multicultural mix
Ask an executive what makes their business successful and chances are they could sum the answer up in two words: our people. So it is in Australia. Workplace reforms over the past decade or more have propelled the country’s workforce into the top rankings of global competitiveness.
High productivity
Australia has enjoyed a sustained period of strong productivity growth, attributable largely to a highly educated workforce with a strong work ethic and a positive approach to change.
Australia now ranks first in the Asia Pacific region for both labour and industry productivity per person employed (purchasing power parity).[1]
Australia’s average annual increase in productivity of 2.1 per cent between 1991 and 2004 outpaced the OECD average of 1.8 per cent for the same period. Between 1986-87 and 2005-06, labour productivity in Australia increased by 36 per cent while unit labour costs decreased by 10 per cent.[2]
Labour relations
Industrial relations reforms in the 1990s helped to dramatically reduce labour disputes. The number of working days lost per thousand employees fell from 265 days in 1988, to 15 days in 2006, a drop of 94 per cent.[3]
Educated resource pool
The intellectual ‘gene pool’ of Australia’s workforce is constantly replenished by an internationally acclaimed tertiary education sector and an immigration policy that is attuned to the needs of industry.
Multilingual workforce
Australia is home to one of the most multilingual workforces in the Asia-Pacific region, with citizens originating from more than 200 countries. 'The last (2006) census found that almost 400 different languages were spoken in homes across multicultural Australia, where a quarter of the population was born overseas,'[4] with substantial representation from European, Asian and Middle Eastern countries, underlining Australia’s capacity to offer workforce solutions requiring multilingual and multicultural sensitivities.
Approximately 3 million Australians - or 15 per cent of the population - speak a language other than English at home and approximately 1.1 million Australians are fluent in major European languages.[5]
Nearly 1.5 million Australians are fluent in major Asian languages, of whom more than 500,000 speak a Chinese dialect.[6]
Few business leaders will dispute the fact that new ideas and creativity have significant impact on competitiveness. Australia’s open social and political culture, advanced education system and investment in research encourage innovation and inventiveness.
Innovative Minds
Some of Australia’s better-known innovations include the ‘black box’ flight recorder, ultrasound imaging equipment, and the car baby seat and polymer banknotes. The country boasts 12 home-grown Nobel Laureates including:
- William Henry Bragg - Physics 1915
- William Lawrence Bragg - Physics 1915
- Howard Walter Florey - Physiology or Medicine 1945
- Frank Macfarlane Burnet - Physiology or Medicine 1960
- John Carew Eccles - Physiology or Medicine 1963
- Alexander Mikhailovich Prokhorov - Physics 1964
- Bernhard Katz - Physiology or Medicine 1970
- Patrick White - Literature 1973
- John Warcup Cornforth - Chemistry 1975
- Peter Charles Doherty - Physiology or Medicine 1996
- Barry J. Marshall - Physiology or Medicine 2005
- J. Robin Warren - Physiology or Medicine 2005
A dynamic network of governments, industries, universities, specialist institutions and private organisations are continuing to drive research into new products and processes.
Australia’s 38 universities have trained hundreds of thousands of scientists, architects, engineers, financial advisors and other professionals now working in Australia, the US, Europe and Asia. These universities have diverse and rigorous research programs backed by quality facilities.
Significant investments in Australian research and development from leading overseas organisations are now commonplace. They include a A$100 million research investment by Merck & Co Inc for drugs to combat respiratory diseases and cancer, and Syngenta Seeds’ funding of efforts to identify genetic markers for desirable wheat traits. Another example is multi-stage venture capital funding from Walden International, Acer and Intel for CAP-XX, an Australian nanotechnology supercapacitor producer.
The combination of skilled personnel and foreign language skills allows businesses a seamless entry into the Asia-Pacific market - removing the cultural learning curve.
Australia is rated 4th best in the world for its economic literacy and is rated highly for the availability of skilled labour, IT professionals, finance skills and qualified engineers.[7]
This impressive skills base is underpinned by an exceptional tertiary education system that places Australia in the top nine countries in the world, and second in the region in meeting the needs of a competitive economy.[8]
A comprehensive education and training system has ensured that Australia maintains the leading-edge skills required for international competitiveness.
Australia offers a unique geographical and cultural gateway to Asia while maintaining strong cultural and business links to Europe and the US.
For multinational operations, Australia is the ideal solution.
"What excites us most about Australia is its internationally respected researchers. Science is at the heart of everything we do. Partnering for over a decade with established names such as CSIRO— Australia’s scientific and industrial research organisation—and a host of leading Australian university research centres, has contributed significantly to our global capabilities and competitive advantage."
Chad Holiday, Chairman and CEO, DuPont
View Ten Good Reasons to Invest in Australia summary.
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[1] IMD World Competitiveness Yearbook 2007
[2] The Commonwealth Treasury, 2006
[3] Australian Bureau of Statistics, 2007
[4] The British Broadcasting Corporation, Asia Pacific News, 31 August 2007
[5] Australian Bureau of Statistics, The Census of Australia 2006
[6] Ibid
[7] IMD WCY 2007
[8] Ibid
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