Exporting to Australia
Strong foundations for business
Australia’s stable institutions, sophisticated financial systems and good governance make it a good place to do business.
Similarities to UK
The UK and Australia share a common language and culture, as well as business and legal practices such as intellectual property (IP) protection and the rule of law. This makes it a relatively easy place for British companies to do business.
Ideal test market
Australia is a sophisticated, wealthy and tech-savvy market. Its 25 million people, including one million Britons (Australian Government, 2018), make it an ideal place to test and develop new products or services. Around half of the total population live in Australia’s 4 major cities of Sydney, Melbourne, Brisbane and Perth, making it easy to prioritise where to do market research of your product or service.
Opportunities for exporters
Australia is the UK's 14th largest export market, and trade between the UK and Australia totalled more than £15 billion in 2018 (ONS, 2018). Opportunities exist for UK companies across a wide range of sectors, including financial services and fintech, ICT and cyber security and infrastructure.
Financial services and fintech
The UK and Australia recently signed a Fintech Bridge agreement, which simplifies access for UK companies and provides a framework for the two governments to harmonise fintech policies. Both governments have committed to providing support for UK fintech firms selling products and services in Australia.
The UK and Australia have also agreed to co-operate on developing their respective open banking regimes. This is an important step towards improving market access for new third-party providers of financial services.
Demand for UK expertise
Australia recognises the UK as the world-leading fintech hub. The UK is the preferred destination for Australian fintech companies looking to expand globally and is viewed as a major source of fintech expertise. A number of UK companies such as GoCardless, Revolut, Ebury, Recordsure, and many more are already doing business in Australia.
Technology and cyber security
Digital transformation of government organisations and businesses is driving demand for digital products and services. There are particular opportunities in ICT, smart cities, the ‘internet of things’ (IoT), big data, artificial intelligence (AI), automation, blockchain, systems integration and cloud computing.
Cyber security is a priority industry for Australia, worth 2 billion Australian dollars, with its value expected to triple by 2026 (Australian Cyber Security Growth Network, 2017). The market has considerable potential for UK companies, and some, such as BT and leading AI company Darktrace, have already seen success in Australia.
Highly skilled workforce
Australia can offer UK companies a smart, multicultural workforce with an enterprising mindset and the skills to promote innovation and grow international business.
Australian rail projects align strongly with UK expertise. There’s demand for technologically advanced systems, products and services in areas such as consulting, engineering design, system and power engineering, signalling, digital systems, construction equipment, operational products, project management and delivery. A recent memorandum of understanding between the Rail Industry Association and the Australasian Rail Association will also open up opportunities.
Construction of Western Sydney International Airport is now underway. Set to open in 2026, the airport is expected to generate economic activity, provide employment opportunities and meet Sydney's growing aviation needs. There is high demand for international expertise across the airport construction supply chain.
Urban regeneration and construction
Australia’s population is projected to grow considerably over the coming decades, transforming the cities in the eastern states and spurring demand for high density and affordable housing developments and urban regeneration. UK experience in urban planning, architecture and design, consulting, construction, project management and delivery would be welcomed.
Ready pool of online buyers
The majority of Australian consumers are now shopping online and e-commerce sales account for an increasing proportion of all purchases. The number of Australians buying online is expected to continue to grow.
New marketplaces are opening up further opportunities for e-commerce sales into Australia. The most notable of these marketplaces is Amazon Australia, which launched in 2018 and gives e-commerce retailers the ability to offer a range of products in one place.
Regard for UK brands
The UK is a first port of call for Australian shoppers who can’t find the product they want locally. Australian consumers have a strong appetite for British brands and often seek out items that are only on sale in the UK.