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Australia in the engine room of global economic growth
By Matthew Brace
MATTHEW BRACE is a freelance British foreign correspondent, business journalist and travel writer based in Sydney. He writes regularly for the Sunday Express, Geographical Magazine and CNN Traveller, as well as for more than 20 international business, trade and technology publications.
One of the best FCA newsmaker lunches was held on Monday, November 28, 2005, at Milton's restaurant in Bligh Street. The presentation came from Invest Australia, the government's inward investment engine luring companies from around the world to set up shop here in Australia.
This globally scattered group of business professionals were, for once, just an arm's length away from each other. Nicola Watkinson had flown in that morning from Europe where she is the Senior Investment Commissioner managing offices in France, Germany and the UK as well as supporting investors from the Nordic and Mediterranean regions, and Israel and Switzerland. Masao Miyairi had also touched down a few hours earlier on a plane from his Tokyo base, where he is the Senior Investment Commissioner for Japan and Korea. Also present was Robert Hunt, the Senior Investment Commissioner for North America where, as he freely admitted, many Americans at least are still unsure where Australia is. And Sydney-based Sandra Fox, Senior Manager International Operations, was on hand to explain the close business links with Singapore and South-East Asia. The main news we learned, over wild New Zealand salmon and tender veal steaks, was that Australia's inward investment is firing on all cylinders. Invest Australia's Executive General Manager, Barry Jones, modestly described his organisation's efforts, which have rung up an impressive A$25.7bn worth of inward investment over the past three years, as "not bad". He said the attractions of doing business in Australia included the "strength of our economy, good governance and openness, our sophisticated infrastructure, cost competitiveness and links to the Asia-Pacific region, as well as our lifestyle, which many consider to be the best in the world". But it was the words of Robert Hunt that prompted the real note-taking - he told the FCA that his task across the Pacific was very different to those of his colleagues. Not only does he cover the vast continent with a small team but he must contend with a key cultural difference. While Europe and Asia are well aware of Australia's presence and welcoming business environment, through either historical ties or geographical proximity, the US still does not have Down Under "on its radar" - even though the US is Australia's single most important economic partner and major source of foreign direct investment. He said many Americans (although not Canadians who are more Oz-savvy) did not even know where Australia was and were ignorant of the opportunities it presented for investment. Some, he suggested light-heartedly, might not even know if they speak English in Australia. His task, then, seems to be one of awareness-raising from the baseline - crucial if Australia is to tap into the economic giant of North America. In contrast, Nicola Watkinson said Europe's (especially the UK's) long-standing ties with the Great Southern Land meant continued growth and more and more European companies setting up shop here. Her role, she said, was to develop those links and maintain interest in Australia amid stiff competition from other regions vying for business. The main economic and trade news from Japan was relief. "Japan is back," Masao Miyairi told us. After hard times and a cool economy the country is hungry for growth once more, which is good news for Australia as Japan is still our biggest trading partner. One overwhelming image the correspondents were left with as they sipped coffee, swapped business cards and wandered back to their offices for the afternoon grind, was that after years of geographical and economic isolation, Australia finally looks like it is beginning to play on a world stage. Through the endeavour of businesses, governments and go-getting individual Australians, more and more companies are settling here. The fact that their new offices might be located a 24hr flight from their traditional base matters less, and soon may not matter at all. The tyranny of distance, it seems, is no more. Twenty FCA members attending the event represented media from the United Kingdom, France, Germany, Japan, China, India, Vietnam, Australia and New Zealand.
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