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Globalization In Australia Essay

668 Words3 Pages

Globalization is an interaction of people from different multiple countries from all around the world to engage in activities such as international trade and business with the aid of advancement in information technology. In business point of view, it is a process of companies operating in international scale.
Globalization has benefited Australia in many ways since 1980’s when Australia opened up it’s economy to global market. Globalization has enable companies from Australia to move their manufacturing plants to low-wage countries as cheap labour is a scarce resource in Australia. Most companies outsource their basic manufacturing jobs to these countries through foreign direct investment (FDI) or through subcontracting in order to save expenses. …show more content…

As other sector of the countries such as manufacturing is being outsourced, people are gravitated toward the service sector. When multinational companies are increasingly able to expand their operation to other countries, growth in Australia’s service sector is affected positively. This can be evidently explained as according to ‘Forbes’ 6 out of 10 Australia’s biggest company are banks and financial service providers.
The following graph proves the statement above:

The practice of protectionism also drastically reduced with globalization. Protectionism is a practice of shielding a country’s domestic market from foreign interference by taxing imports. Cut in protection, efficiency has increased which led to a comparable rise of export. The value of GDP has risen from 32% in 1975 to 42% in 2000 which reflect the growing influence of globalization on Australia’s economy.
The following graph shows the effective rate of protection in Australia:
Rapid globalization has driven Australia’s technology to advance. New communication, information, production and logistics technologies have advanced and changed in ways. For example many Australians are using the internet to shop, pay their bills and access services. More than 1.3 million adults have purchase product online; that is a 66% increase of users from

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