Australia – Right place, right time
With its competitive economy and strong trade links, Australia continues to strengthen its ties with neighbouring Asia Pacific countries while recognising that the US remains its most important economic partner.
The Australian economy remains healthy; ‘Decisive action taken during the Global financial crisis meant we emerged from the global recession with strong growth, low unemployment, and solid public finances’, says Treasurer and Deputy Prime Minister Wayne Swan. ‘We had the foresight to put in place strict fiscal rules, to ensure we had a clear and credible plan to return the Budget to surplus in recovery’.
While the resources sector is crucial to Australia, the ‘patch- work’ or ‘two-speed’ economy is cause for concern amongst other key sectors such as services and retail.
Minister for Resources and Energy and Minister for Tourism, Martin Ferguson is confident that Australia can face future challenges; ‘Australia’s resource sector is undergoing rapid growth. Record pipelines of investments and projects are creating new jobs, providing a boost to supporting sectors, enhancing state and federal revenues, and increasing export earnings. Growth also creates challenges, in terms of wage pressure, labour supply and the need for investment in infrastructure. The Australian Government is putting in place appropriate policies, including reform of our system of resource taxation, investment in training and promoting investment’.
The ‘Gateway to Australia’ – Sydney attracts significant foreign investment into New South Wales. Mark Paterson, Director General at The Department of Trade and Investment, Regional Infrastructure and Services, in the State’s new government says; ‘Sydney is one of the world’s most recognizable cities and is an aspirational destination. No sensible expansion in the region should overlook Sydney and New South Wales. We are open for business and are enthusiastic about engaging with opportunities that the stable, long term, productive relationship between Sydney, New South Wales and the United States can deliver’.
Australian Ambassador to the US,
The ‘Trans-Pacific Partnership’ currently being negotiated will further benefit US – Australia trade and enable both countries to build on their economic ties.
Kim Beazley, Australian Ambassador to the US, ‘Australia and the United States share the closest of bonds forged by common values and beliefs in the principles of democracy, freedom and open markets, the foundations on which both our great nations were built. The cultural, economic, and military ties between Australia and the US have always been strong. However, the alliance grew closer and stronger with the commencement of the ANZUS Treaty 60 years ago. Our alliance will continue to adapt, evolve and intensify as we work together to meet the challenges and opportunities of the 21st century’.