The Growth Of Australia 's Resource Industries

Similarly, relationships are critical in highly competitive Asian markets. Australian firms expanding to Asia must place higher bar, relative to their domestic businesses, on prioritising market entry, building relationships and gaining advantage from intellectual property and expertise. And finally, Asian markets are diverse and dynamic, so Australian firms need agile, adaptive operating models. As Australian firms develop and deliver services and products to Asia, they drive incomes and living standards for Australians. Non-resource exports to Asia already generate A$65b of revenue while Australian has A$74b of direct and portfolio investment in Asia. Yet despite the rapid growth of Asia, Australia’s share of non-resource imports into the region has fallen over the past decade. If Australia could arrest this decline or even increase its non-resource share of Asian imports to peak levels of 2001 Australia could gain between A$10b and A$30b in annual export revenue by 2021. Over the next decade this could be worth between A$60b-A$125b in total value for the Australian economy. These estimates do not account for revenue from Australia’s direct and portfolio investment stock in Asia and further revenue from Australia’s direct and portfolio investment stock in Asia and further revenue likely to flow from the increased resilience and adaptability of Australia’s institutions and firms