Australia

Market Overview

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Australia is a land of great natural beauty and boundless opportunity. Despite often turbulent global financial conditions, Australia’s economy continues to be one of the world’s most stable. Sound governance creates certainty for foreign investment and Australia’s skilled workforce, ties to Asia and success in key industries makes Australia a great place for doing business.

Why Australia?

Resilient economy – Australia’s Gross Domestic Product (GDP) (at purchasing power parity) ranks among the top twenty countries globally. In the September quarter of 2024, Australia’s GDP increased by 0.3%, marking the twelfth consecutive quarter of growth, driven by government spending and public capital investment. Australia’s economy grew by 0.8% in 2024, amid global economic uncertainties, inflationary pressures and interest rate adjustments. Australia's economy is expected to recover gradually in 2025, with GDP growth projected to be between 2.0% and 2.5%.

Global success in key industries – Australia is globally successful in key industries such as energy and resources, agribusiness, education, tourism and healthcare services. Australia is among the world’s largest producers of gold, iron ore and uranium and a major producer of agricultural commodities.

Innovative and highly skilled – Australia is ranked 11th in the world for global entrepreneurship, and 23rd for innovative capabilities. Our population is highly educated (with over 50% of the workforce having a tertiary qualification), culturally diverse and multilingual (where nearly 30% of the population was born overseas).

Globally integrated – Australia has an open trading economy with strong business and cultural ties to Asia. Australia’s top 5 trading partners are China, USA, Japan, South Korea and India. Asia continues to dominate Australia’s two-way trade flows with 65.2% of the market.

Ease of doing business – Australia is ranked 13th in the world for economic freedom. Our sound governance and democratic institutions create certainty for foreign investment. We have an economy that is resilient to economic cycles and Australia is a great place to live and work, with five Australian cities ranked in the global top 30 for quality of living.

VIEW THE FULL DOING BUSINESS IN AUSTRALIA GUIDE HERE

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Ashurst's Canberra office to join Thomson Geer

Global law firm Ashurst and major Australian law firm Thomson Geer announce that Ashurst's Canberra office is moving to Thomson Geer.  The office, renowned for its Commonwealth Government practice, will officially become part of Thomson Geer in early July, 2025. The team joining Thomson Geer includes seven Partners – Rob Andersen, Mathew Baldwin, Melanie McKean, Steve McKinney, Sarah Ross-Smith, Elissa Speight and Angela Summersby.  These partners bring with them decades of experience working for a wide range of Commonwealth clients, which they look forward to continuing with Thomson Geer.  Ashurst and Thomson Geer are working closely with their Commonwealth clients to ensure a seamless transition of work for relevant client matters. Lea Constantine, Ashurst's Head of Region for Australia said: "As a consequence of a review of our strategic priorities, Ashurst has decided to wind down its work for the Commonwealth under one of its panel arrangements." "Once we reached this decision, we were pleased to connect with Thomson Geer, a major Australian law firm that has a commitment to high quality and cultural standards.  This will ensure the Commonwealth Government will continue to receive the very best legal advice and services, as they have come to expect from our Canberra team.  Meanwhile, we are confident that all our people moving to Thomson Geer will continue to have the very best career opportunities." "We thank Thomson Geer for working collaboratively and professionally with us on this transition.  We also thank our Canberra colleagues for their many years of hard work and dedication to our firm.  They leave with our best wishes and our full support to continue their outstanding work for the Commonwealth Government." Thomson Geer Chief Executive Partner Adrian Tembel said: "Ashurst has built an outstanding Commonwealth Government legal practice.  I congratulate them on what they have created.  We will build on their success and invest further to ensure that this practice continues to be the 'go to' team for complex Commonwealth Government legal work across all areas of the Whole of Australian Government legal services panel.  We look forward to welcoming the excellent lawyers at all levels of the Ashurst Canberra team to Thomson Geer." "This move reflects the next stage of ongoing evolution of the Australian legal services market."
Ashurst - June 29 2025