The effects of Globalisation on the Australian market
The effects of Globalisation on the Australian marketGlobalisation is the term used to identify the worldwide integration of consumer markets, production, labour, technology, investments and cultures. It has also created wealth and better livings standards for thousands of people. Globalisation is increasingly affecting our lives.
Globalisation is an extremely important aspect of Australian business. It allows Australia to open up new markets overseas, which enhances our exports. Trading between Australia and other countries allows access to a market of more than six billion people. Australia has abundant coal resources, which we are unable to consume ourselves. So, we sell it to other countries and in return we are able to purchase products from them. It is estimated that if protection levels around the world were reduced by 50%, the benefit to Australia would be more than $7 billion a year.
Export growth is essential to economic growth and job creation. From 1983 to 1994 over 400,000 more Australian jobs were created by Australia trading with the world. Newly competitive companies, such as manufacturing earn significantly higher wages than industries that serve the domestic markets. Having a bigger market to sell to, means that you can sell more of your product, make more of a profit and afford to pay higher wages. Allowing the manufacturing industry to double its share of Australian exports over the last 20 years. At a conference at the University of Newcastle, it was said, “There is no doubt that international pressure is forcing changes into our economy, but the real impact of globalisation on our workplaces isn’t always clear. In a sense we are trying to define ‘Globalisation’ in a real sense, and not just as catch-phrase for economic change.”
Australia is currently able to sell products to people all over the world. An Australian business, Cochlear Limited, is able to sell cochlear implants to over 50 countries. Spectacular technological advances such as this enable the world to benefit from inventions, like the cochlear implant, not just Australians. Another global Australian business is Biota Holdings Limited. This business develops pharmaceuticals to treat many diseases. In the past only Australians were provided the information this business made available, but now people all over the world can profit. People suffering from influenza, cancer, diabetes or Alzheimer’s disease can be updated with any new biotechnological advance or possible cure for these diseases.
The world’s population has grown from 2.5 billion people to 6 billion people in the last...
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