Message from Paul Tighe
With Australia's reputation for being a relaxed, welcoming country with an unmatched natural landscape and unique wildlife, it might be easy to overlook some pertinent matters about exactly where we fit in the global environment.
With Australia's reputation for being a relaxed, welcoming country with an unmatched natural landscape and unique wildlife, it might be easy to overlook some pertinent matters about exactly where we fit in the global environment.
The fact is that Australia is a top-20 country in almost every economic and social measure, except that for population where we come in at 56th.
Australia now has the 12th highest GDP in the world and we rank 5th globally in terms of per capita GDP. We have had 24 consecutive years of uninterrupted economic growth. Our economic fundamentals, which include very low government debt, the highest level of credit rating, an efficient regulatory regime and a sophisticated and secure financial sector, are the envy of most other countries.
Reflecting those strengths, Australia has a well-earned reputation as a reliable and stable trade and investment partner. Australia is the world's number one global exporter of coal, iron ore, aluminium and beef. We are the third largest exporter of LNG, although on track to become the world's largest exporter by 2020. We are the fourth most attractive destination for international students and the fifth in tourism. Australia's pool of investment funds under management is the largest in Asia and the third largest in the world at A$2.6 trillion (HK$14.7 trillion).
Importantly, we are the lifestyle capital of the world, with four Australian cities consistently ranked among the world's top 10 liveable cities. We are a smart, creative and tolerant people with a robust economy and strong institutions.
These facts are not overlooked in Hong Kong which remains one of our most important foreign direct investment partners. Hong Kong companies appreciate the benefits of operating in Australia's open, liberal democracy, which is committed to personal and political freedoms, the rule of law, human rights and democratic institutions. Our Hong Kong partners now play an important role in major infrastructure in Australia, including in public utilities, transport, tourism and hospitality.
The people of Hong Kong are also aware of Australia's record of providing high-quality goods and services. They know this when buying Australian food and wine, choosing an Australian university at which to study, or when deciding which businesses and specialists to partner in engineering, construction, health or financial services or any of the myriad of other sectors in which Australians and Australian companies are active in Hong Kong.
It's hard to avoid the strong connection between our communities and economies. Hong Kong hosts the second largest concentration of Australians outside Australia and is home to Australia's largest offshore business community. The Australian government has sought to expand on these connections by including Hong Kong in the pilot programme of the New Colombo Plan. The New Colombo Plan is an initiative which aims to lift knowledge of the Indo-Pacific in Australia and strengthen people-to-people and institutional relationships, through study and internships undertaken by Australian undergraduate students. Hong Kong is now a popular destination for Australian students seeking an overseas study and internship experience.
These connections are the foundation of a mutually beneficial partnership that has endured between Australia and Hong Kong, one on which we continue to build based on the energy, entrepreneurial spirit and friendship that comes from a meeting of peoples with common interests and goals.