Whilst Australia is famous for its high living standards, political freedoms and natural beauty, these are by no means the only reasons to consider migrating there. Australia offers many great advantages as a new home for you and your family, from ease of doing business to estate planning.
After a brief economic slump due to Covid 19, the Australian economy appears to be on track for a quick resurgence. Recent comments from the IMF provide a promising forecast, indicating strong recovery, ahead of many other hard-hit economies (International Monetary Fund 2021, World Trade Organisation 2020).
As a result of Australia’s robust institutions and decisive government action, the lucky country has seen both some of the smallest economic declines and one of the strongest growth projections of all developed economies (Australian Trade and investment Commission 2020).
Its economic performance in 2020 is made more impressive when one considers the challenges faced by Australia prior to the prevailing pandemic, namely historic droughts, bushfires and diplomatic tension with its top trading partner, China. Such outcomes echo its performance during the Global Financial Crisis, during which Australia experienced modest growth at a time where all G7 countries experienced economic retractions (Department of Treasury 2009).
Securing the economic wellbeing of oneself and one’s family should be at the forefront of the minds of anyone considering migration. By settling in Australia, prospective migrants may share in the long-standing stability of the Australian economy. Few, if any, national economies offer the level of historically informed assurance as that of Australia.
No Estate or Inheritance Tax
Many jurisdictions, including the United Kingdom and several US states, impose some form of estate or inheritance tax. Such policies serve to adversely affect the intergenerational transfer of wealth. In some jurisdictions, these taxes can be exorbitant, such as the maximum 55% inheritance tax rate of Japan, or the maximum 50% inheritance tax rate of South Korea (Catholic Super 2018).
Australia has not imposed any form of estate tax, inheritance tax or “death duty” in over 40 years. Whilst inheritances and proceeds of an estate are not necessarily free from future tax consequences (Australian Taxation Office 2020), this lack of overt taxes in this realm nevertheless helps ensure that your children and grandchildren will benefit fully from the fruits of your life’s work.
The Australian Dollar is amongst the most stable currencies in the world, being used as a reserve currency by various national governments (International Monetary Fund Data 2021). This status is attributable to the currency’s relative stability, as is indicated by historical data (Reserve Bank of Australia, 2021). Whilst this stability is taken for granted by many Australians, the ability to safely keep your savings in your local currency is not universal.
For much of the developing world, internal and geopolitical instability, excessive central bank intervention and government currency manipulation brings the threat of currency volatility and excessive inflation. This can wreak havoc, not only on personal savings, but also on execution of long-term commercial contracts. Living in Australia means having total confidence in your local currency, allowing you to plan for a better future.
Ease of Doing Business
The Australian Government encourages and rewards enterprise and entrepreneurship. Globally, Australia ranks in the top 20 on the World Bank’s “Ease of Doing Business” rankings, even placing in the top 10 for enforcement of contracts and ease of starting a business (World Bank 2021). Australia’s strong regulatory foundations, rule of law, and freedom from endemic corruption, cultivates private enterprise and underpins its business-friendly atmosphere (Australian Trade and Investment Commission 2020).
Innovation and Technology
As a highly developed economy, Australia possesses a great number of innovative and progressive industries. Nanotechnology, medical science, fintech and other cutting-edge industries have flourished within the Australian business environment (Australian Trade and investment Commission 2020, AZO Nano 2020). This growth of cutting-edge industry has been supported by numerous government initiatives, ranging from research grants to comprehensive visa programs, all demonstrating Australia’s commitment to developing new high-value-added enterprises.
In the academic sphere, Australia demonstrates outsized scientific achievement, being responsible for 2.7% of global scientific output, whilst comprising merely 0.34% of the world’s population (Universities Australia 2019). This has placed the nation 23rd under the WIPO Global Innovation Index rankings (World Intellectual Property Organisation 2020). Much of this scientific output results in flow-on economic benefit to the wider Australian economy, further bolstering the nation’s capacity to develop technologically advanced industries and services (Australian Research Council 2019).
In addition to strong innovation and scientific output, the Australian education and immigration systems have produced a highly skilled workforce to help build the industries of the future. Approximately 43% of Australian workers are tertiary educated. Ranking third globally in human capital, the Australian domestic labour market is awash with productive, highly educated prospective employees (Australian Trade and Investment Commission 2019).
If you are looking to break into, or have established yourself in a cutting-edge industry, it is crucial to have access to the best minds and companies in your field. The Australian business environment and labour market allows you the freedom to connect, collaborate and succeed with people who share your passion for enterprise and innovation.
Free Movement of People
Australian citizens and permanent residents may choose to live anywhere within the country without restriction. There is no household registration scheme, internal passport system or other mechanism preventing Australian residents from living where they chose. Access to public services or university enrolment are in no way directly impacted by where in Australia you chose to live. Put simply, as an Australian citizen or permanent resident, the whole country becomes your oyster.
Confidence and Stability
The hallmark of a healthy economy is the stability and good governance of the jurisdiction within which it operates. In this way, confidence is cultivated amongst businesses and investors, facilitating economic engagement and bringing about sustainable growth. Stability also provides security to residents and certainty in times of global unrest.
Migration is about more than just one’s own future. It is an intergenerational decision which may impact your descendants for many years to come. It is important, therefore, to settle in a country that will provide prosperity and stability for your children, grandchildren and great-grandchildren.
Australia has proven itself as a safe, prosperous and forward-thinking country, with future-proofing innovation and a world-leading quality of life. By making the switch, you too can share in this prosperity and enjoy the freedoms and opportunities Australia has to offer.
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