Australia at a glance – February 2022

These emails are designed for those investing into Australia and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

February 2022

  1. The main industries in Australia are: financial and insurance services, construction, healthcare and social assistance, and mining.
  2. Australian tax law requires that local and foreign businesses that are liable for tax in Australia must have an Australian resident ‘public officer’.
  3. As an expansive land mass, Australia is highly dependent on road transport. It is also home to more than 300 airports with paved runways.
  4. In 1983 the Australian dollar was floated and financial deregulation was undertaken in Australia.
  5. Australia is a major exporter of minerals such as iron ore and gold, and energy in the forms of liquified natural gas (LNG) and coal.
  6. The most populous city, Sydney, is also the economic centre of Australia, as well as being a leading global financial service capital. Over 80% of all foreign and Australian banks are headquartered in Sydney.
  7. Australia is the sixth largest country in the world by surface area, however with a population of just 25.7 million people, it is also one of the least densely populated.
  8. Located in Queensland, Fraser Island is the largest sand island in the world.
  9. Stretching from Sydney to Perth is the Indian Pacific railway, which boasts the largest section of straight train tracks in the world.
  10. In Australia, long service leave (LSL) is an entitlement to additional time off work on full pay, after an extended period of service with an employer. This is generally a period of 90 days after completing 10 years’ service.

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice. 

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