Australia PESTLE Insights – A Macroeconomic Outlook Report
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Australia PESTLE Outlook Report Overview
The GDP of Australia was estimated to be $1.7 trillion in 2023 and the country ranked 19th out of 153 nations in the GCRI Q3 2023. On March 7, 2024, Prime Minister Anthony Albanese declared that Australia is upgrading its relationship with Vietnam to the status of a comprehensive strategic partnership, which will entail an annual discussion on minerals. The advancing bilateral relations would establish Australia and Vietnam as important partners to each other.
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The Australia PESTLE insights report consists of the country’s snapshot, risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
GDP 2023 | $1.7 trillion |
Key Landscape | · Political Landscape
· Economic Landscape · Social Landscape · Technological Landscape · Environmental Landscape |
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Australia Macroeconomic Key Sector’s Contribution to the Economy
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PESTLE Insights of the Australia Macroeconomic Outlook Report
Political Landscape: According to the World Bank, World Governance Indicators (2023), Australia was ranked in the 93.2 percentile on the voice and accountability parameter in 2022. It measures the extent to which citizens can participate in selecting their government. Compulsory voting has been a feature of Australia’s national elections since 1924.
Economic Landscape: Australia’s mining industry is a major contributor to the country’s GDP, making up over two-thirds of all merchandise exports and 13.6% of the country’s GDP, according to government data. The nation is a significant exporter of thermal and metallurgical coal. It also has abundant reserves of natural gas, particularly in LNG production.
Key Landscape Analysis in the Australia PESTLE Insights Report
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Scope
In September 2023, the New South Wales government announced to invest $2.2 billion to foster development in housing and infrastructure projects.
Key Highlights
The S&P/ASX 200 index has been on a volatile trend. As of March 05, 2024, the index stood at 7,735.8, compared to 7,283.6 on March 05, 2023.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and the direction of operations.
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Australia's GDP in 2023?
Australia’s GDP was estimated to be $1.7 trillion in 2023.
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What was Australia’s rank in the GCRI Q3 2023?
Australia ranked 19th out of 153 nations in the GCRI Q3 2023.
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Which are the key landscapes in the Australia PESTLE Insights report?
A few of the key landscapes in Australia’s PESTLE insights report are the political landscape, economic landscape, social landscape, technological landscape, and environmental landscape among others.
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