The effects of Globalisation on Australian market

Globalisation 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 Austral...