Brief Overview

When it comes to geography, climate, demography and culture, Australia is considered unique and diverse in every way. Australia is the world's sixth largest country with a total land area of 7,682,300 sq km and is considered as an island continent. It is surrounded by two big bodies of water-the Indian and Pacific oceans. Its capital city is Canberra with a population of approximately 320,000 people. Australia's population is roughly 22.7 million people. The most populous states are New South Wales and Victoria, with their respective capitals, Sydney and Melbourne, the largest cities in Australia. (Australian Government, n.d.)

Australia experiences temperate weather almost whole year round. The Northern part is typically constantly warm while the southern part experiences cool winters but seldom a subzero temperature. Snow falls on the higher mountains during the winter months. (Ibid, n.d.) Just like Australias landscape, its culture is likewise broad and varied. Its multiculturalism can be reflected on its cultural practices, lifestyle and food. Australias indigenous origin plays an essential role in shaping its cultural landscape, a melting pot of unique and diverse a heritage and cultural attitude exemplified as innovative, rejuvenating, outward looking and lively. (Ibid, n.d.)

Economy

Based on the 2013-2014 Global Competitiveness Index, Australia has stooped down from its previous rank as 20th to 21st. However, the same report states that Australia has sustained its basically unchanged and consistent economic performance across the board as evidently shown by its 7th rank in the financial market development pillar. In terms of higher education and

training it has likewise garnered a good rank which is 15th. The report affirms the constant improvement of the countrys macroeconomic standing alongside with its remarkable reduction of its budget deficit as of 2012 as well as its inflation rate which was lowered to two percent (2%) on the same year. Its public debt-to-GDP ratio is the third lowest among advanced economies despite being on the rise. The rigidity of Australias labor market has been one of its major concerns of the current year for the alarming deterioration. It ranks 135th for the rigidity of wage setting and 137th for the rigidity of the hiring and firing practices. The quality of its public institutions services is excellent except in terms of strict government regulation where it ranked as 128th. This bureaucratic red tape is viewed by many businessmen and investors as impeding factors for a freer economic flow. (World Economic Forum, 2013) The International Monetary Funds report finds Australias financial system to be well0managed, sound and resilient. Major Banks are well capitalized, profitable and are conservatively run which make them likely to withstand economic shock. Conversely, financial risk should be closing managed including but not limited to high increasing cost of housing and household debts, considerable dependence on offshore funding, and a closely linked and concentrated banking system. One thing which can be maintained is an advanced minimum funds requirement for important financial institutions. Australias financial supervisory and regulatory structure shows that it is compliant with international standards. However, on sitesupervisory review of banks liquidity risk management is one area for improvement which the government may look into. It is worthy to mention that Australia has taken steps laudable steps to strengthen its crisis management capability and there are already existing arrangements to manage cross-border risk. (Lim, et al., 2012)

Political and Legal System Australias political system is a product of liberal and democratic tradition reflective of the British and North American theory of governance primarily respecting freedom of speech, and association, religious tolerance and fundamentally, the rule of law. Australias constitution sets out the jurisdictional might of its three of government branches which are the legislative, executive and the judicial departments, peculiarly insisting in practice that legislature and the executive should act in unison and thus, be one. Thus delegates to the parliamentary extending regulatory powers to the executive department are formed as the House of Representatives which take command according to party membership and its majority voice. Within three years of the first meeting of the federal parliament, a national election must be held. The term of office of parliament is more or less two-and-a-half years. In actual practice national elections are held when the Prime Minister requests the Governor-General to select the election date and the latter agrees to do so. Citizens 18 years old and above are obliged to cast or exercise their right to vote in the election of both federal and state governments for in the absence thereof or failure to do so is subject to either fine or prosecution. (Australian Department of Foreign Affairs and Trade, n.d.)

The Australian legal system is based on a fundamental belief in the rule of law, justice and the independence of the judiciary. All people are treated equally before the law and safeguards exist to ensure that people are not treated arbitrarily or unfairly by governments or officials. Principles such as procedural fairness, judicial precedent and the separation of powers are fundamental to Australias legal system. The common law system, as developed in the United Kingdom, forms the basis of Australian jurisprudence. It is distinct from the civil law

systems that operate in Europe, South America and Japan, which are derived from Roman law. Other countries that employ variations of the common law system are the United States, Canada, New Zealand, Malaysia and India. The chief feature of the common law system is that judges decisions in pending cases are informed by the decisions of previously settled cases. The Australian Constitution of 1901 established a federal system of government, under which powers are distributed between the federal government and the states. It defined exclusive powers (investing the federal government with the exclusive power to make laws on matters such as trade and commerce, taxation, defence, external affairs, and immigration and citizenship) and concurrent powers (where both tiers of government are able to enact laws). The states and territories have independent legislative power in all matters not specifically assigned to the federal government. Where there is any inconsistency between federal and state or territory laws, federal laws prevail. Federal laws apply to the whole of Australia. In effect, Australia has nine legal systemsthe eight state and territory systems and one federal system. However, it is the state and territory criminal laws that mainly affect the day-to-day lives of most Australians. Each of the federal and state systems incorporates three separate branches of governmentlegislative, executive and judicial. Parliaments make the laws, the executive government administers the laws, and the judiciary independently interprets and applies them.

Legal Issues

Compliance with government sanctions and regulations-One should be aware that Australia maintains United Nations Security Council sanctions and bilateral sanctions as regards certain number of countries. Sanctions such as these require Australian Organizations and individuals to comply with a wide array of regulatory measures and sanctions such as export and import

restrictions, prohibitions of technical assistance, training, and travel sanctions against specific persons and entities. In general, the same applies extraterritorially to Australian nationals.

Dealings with terrorists-Laws have been passed declaring those holding assets of terrorist organizations or individuals a criminal offense imposing an imprisonment of five years. A list of groups that are proscribed as terrorist organizations is also maintained by the Australian Government and even institutionalized the same by publishing it on its Criminal Code. Other Legal Issues -Issues which may affect ones ability to trade and operate offshore include: differences between legal systems, question of which laws will apply in disputes, rules of competition, patent registration, extra-territoriality of overseas legislation and product liability.

Intellectual Property Rights In the latest Global IP Index which is based on effectiveness and administrative performance Australias IP system ranks third globally. It is important to note that Australia, in national level is at par completion of one of the most comprehensive periods of IP Reform. (Australian Intellectual Property Report, 2003) http://www.ipaustralia.gov.au/pdfs/Australian_IP_Report_2013-web_version.pdf

Despite these accomplishments, there are certain intellectual property rights issues that need to be revisited especially between Australia and US. There are provisions on Intellectual Property Rights (IPRs) in Australia United States Free Trade Agreement (AUSFTA) that need to be taken for consideration of. Recently, United States in particular has been vigilant about unfair infringement of IPRs on the case of Australia and on part of less developed Asian countries. Though there has not been a detailed economic evaluation of IPRs, the Productivity

Commission has found that, as a net importer of IPRs, Australia would have more losses than its gains by strengthening IPRs. The end result would likely be a negative net economic impact. It appears clearer that the US intention for better IPRs seems clearer with the statements from the US Trade Representative and business interests. There is a disproportionately high share of the US IPRs. These conflicts affect the context of commercial relations between Australia and US. Areas of concern are the breadth and coverage of IPR and technical protection measures because copyright holders have been able to use technological measures and Australias laws against circumvention to discriminate against Australian consumers. (David Richardson, May 31, 2004)

PROTECTION OF HUMAN RIGHTS IN AUSTRLIA

Human rights in Australia reflect the countrys development from a largely convict colonial status to that of a modern democracy. Thus, initial demands for human rights in this country reflect the desire for civil and political liberty for individuals, colonies, and the nation as a whole. The terms of the Australian Constitution establish relatively few explicit provisions relating to human rights. (Stewart, 2013)

Specific legislations that protect some of the human rights are had through ratification of the Australian Federal Government of the following international instruments such as Australian Human Rights Commission Act 1986, Age Discrimination Act 2004, Disability Discrimination Act 1992, Race Discrimination Act 1975, Sex Discrimination Act 1984. These Acts are implemented by the Australian Human Rights Commission which can hear and conciliate complaints from victims of the human rights violations through investigations and recommendations . ( The Australian Collaboration, 2013).

On the other hand, Australia is faced with critics on three major areas with regard to protection on human rights. Primarily, the issue of indigenous peoples in the country who are experiencing discrimination on their health, education and housing standards as compared to non-indigenous Australian remains unsolved. Secondly, there are matters concerning, asylum seekers who suffer from mandatory detention policies for extended period of time and in improper circumstances. Lastly, there are criticisms on Australias not enough domestic human rights protection since though it has ratified certain international instruments, it failed to enact them into domestic law. ( Yencken et al, August 2013) APPLICABLE WORKERS PROTECTION AND EMPLOYMENT LAWS

FAIR WORK ACT of 2009: Generally applies to all Australian employees and gives them the protection from having their employment terminated. This is an unlawful dismissal law which gives broadest protection against discrimination with regard to aspects such as age, sex, race or marital status. The same law requires for legal grounds and procedure before termination of employees.

AUSTRALIAN CONSUMER LAW: When dismissing an employee, the employer should take into consideration for the potential of an employee to raise claim for breach of Australian Consumer Law or misleading and deceptive conduct or misrepresentation. Typically, these issues arise when an employee claims that they were promised certain benefits which may not have been set out in any written agreements.

TRADE POLICIES AND REGULATIONS

Australian alliance with the United States remains an enduring priority, as does comprehensive engagement with key countries in the Asia Pacific such as China, India, Indonesia and Japan. Australia's aid program has tripled in size since 2000 and is expected to almost double again over the next five years, which could see Australia ranked as high as the sixth-largest donor globally.

The responsiveness of the flexible exchange rate to commodity price fluctuations helped stabilize export incomes. In 2008/09, the exchange rate of the Australian dollar against the U.S. dollar depreciated sharply, thus boosting exports and reducing imports, but since then it has been appreciating and negatively affecting Australia's export competitiveness, particularly of agricultural exports. In 2008/09, the trade account turned to surplus, mainly reflecting large increases in commodity contract prices negotiated in early 2008 for iron ore and coal exports, as well as the sharp exchange rate depreciation; subsequently, it returned to a deficit. Net external debt increased, largely reflecting interest and dividends paid to foreign investors in Australia (net of income received on Australian investment abroad).

The gradual shift in the pattern of Australia's merchandise trade towards East Asia was further reinforced as a result of the virtual doubling of China's share of total exports. Australia has maintained its open stance towards foreign investment, and has reduced the compliance costs related to notification and removed foreign ownership restrictions in the media sector.

Australia's trade policy framework continues to be characterized by an unusually high degree of transparency. This involves rigorous economic analysis undertaken by government institutions and independent advisory bodies (notably the Productivity Commission), from which policy-makers benefit in formulating cost-effective trade and trade-related policies, including

continuing regulatory reforms, aimed at removing barriers to improved productivity and facilitating (rather than impeding) the reallocation of domestic resources.

Australia has continued to provide duty-free treatment for imports from least developed countries (LDCs), while MFN and other preferential tariff cuts are eroding preferences to other developing countries.

Balance of Trade Issues In Australias two-way (import-export) trade reached a record $608.2 billion in 2011. China, Japan, the United States and the Republic of Korea were the nations top four trading partners once again in 2011. Trade largely focused on the Asia-Pacific region, with over 70 per cent taking place with member economies of the Asia-Pacific Economic Cooperation (APEC) group. With commitment for unilateralism , non-discrimination , separation , transparency and the indivisibility of trade policy and wider economic reform Australian Government will continue to pursue improved market access for Australian exporters in global markets. The number one priority is to achieve multilateral trade outcomes through the World Trade Organization (WTO). At the regional level, the Government will continue to pursue trade liberalisation through APEC and other regional trade arrangements and pursue high-quality, comprehensive bilateral free trade agreements, where these will benefit both Australia and its trading partners.

For the PowerPoint Presentation:

Overview And Demographics

AUSTRALIA: The Lucky Country Australia is a place of economic boom with its diverse cultures and democratic society. Being the sixth largest country in the world, with an area of 7, 682, 300 square kilometres and with estimated population growth rate of 80 % encompassing the continent of Australia and the island of Tasmania, the Commonwealth of Australia is the only nation to govern this sixth largest country of the world though the smallest continent . AUSTRALIAN ECONOMY The Australian economy remains one of the strongest developed economies in the world. It has a growing and stable economy While most other advanced economies are struggling, Australia has grown by about 10 % since the start of the Global Financial Crisis. In 2011 Australias economic growth was 2.2 per cent and the average unemployment rate was one of the lowest in the Organisation for Economic Co-operation and Development (OECD) at 5.1 per cent.

Australian Political And Legal Environment

The Constitution of Australia vests the supreme Executive authority in the sovereign. On the other hand, the power to exercise the same is specifically granted on the Governor General . The Federal Government is divided into three main branches. First, the legislature, which is bicameral Parliament as comprising the Queen (represented by the Governor General), the Senate and the House of

Representatives. Secondly, The Executive, which is the Federal Executive Council, in practice the Governor- General as advised by he Prime Minister and Ministers of the State. Lastly, the Judiciary, which is the High Court of Australia and the other federal courts whose justices are appointed by the Governor-General on advice of the Council.

The country provides an open, dynamic and stable political systems which is supportive of its government commitment to the pursuit of further trade liberalisation LEGAL ISSUES

The following are the legal issues that shall be considered. Compliance with government sanctions and regulations: One should be aware that Australia maintains United Nations Security Council sanctions and bilateral sanctions with regard to a certain number of countries Dealings with terrorists: The Government has passed laws making it a criminal offence to hold assets that are owned or controlled by terrorist organisations or individuals, or to make assets available to them, punishable by up to five years imprisonment. In addition to the Consolidated List, the Australian Government also maintains a list of groups that are proscribed as terrorist organisations under the Criminal Code of Australia. Other Legal Issues : Issues which may affect ones ability to trade and operate offshore include: differences between legal systems, question of which laws will

apply in disputes, rules of competition, patent registration, extra-territoriality of overseas legislation and product liability. Intellectual Property Rights issues Autralia has further strengthened protection of intellectual property rights by expanding its international commitments. The competition policy framework, which remains characterized by long list of special regimes and exemptions, including at the state or territory level, has been updated in several areas with particular emphasis on cartel criminalization legislation enacted on July 13, 2010 is aimed at strengthening consumer protection and enforcement at the national level. (Trade Policies) Respect for Human Rights Human rights in Australia reflect Australia's gradual progression from a largely convict colonial status to that of a modern democracy APPLICABLE WORKERS PROTECTION AND EMPLOYMENT LAWS

FAIR WORK ACT of 2009 : Generally applies to all Australian employees and gives them the protection from having their employment terminated. This is an unlawful dismissal law which gives broadest protection against discrimination with regard to aspects such as age, sex, race or marital status. The same law requires for legal grounds and procedure before termination of employees.

AUSTRALIAN CONSUMER LAW:

When dismissing an employee, the employer should take into consideration for the potential of an employee to raise claim for breach of Australian Consumer Law or misleading and deceptive conduct or misrepresentation. Typically, these issues arise when an employee claims that they were promised certain benefits which may not have been set out in any written agreements.

TRADE POLICIES AND REGULATIONS

Australian alliance with the United States remains an enduring priority, as does comprehensive engagement with key countries in the Asia Pacific such as China, India, Indonesia and Japan. Australia's aid program has tripled in size since 2000 and is expected to almost double again over the next five years, which could see Australia ranked as high as the sixth-largest donor globally.

Balance of Trade Issues In Australias two-way (import-export) trade reached a record $608.2 billion in 2011. China, Japan, the United States and the Republic of Korea were the nations top four trading partners once again in 2011. Trade largely focused on the AsiaPacific region, with over 70 per cent taking place with member economies of the Asia-Pacific Economic Cooperation (APEC) group

References: Australian Government. About Australia. australia.gov.au, n.d. Retrieved October 2, 2013 from http://australia.gov.au/about-australia/our-country

World Economic Forum. The Global Competitiveness Report 20132014: Country Profile Highlights. World Economic Forum Website, 2013, pp. 8. Retrieved October 2, 2013 from http://www3.weforum.org/docs/GCR2013-14/GCR_CountryHighlights_20132014.pdf Lim, Cheng Hoon, Nancy Rawlings, and Xiaoyong Wu. Australia: Financial System Stability Assessment. International Monetary Fund. IMF Country Report No. 12/308. Prepared by the Monetary and Capital Markets and Asia and Pacific Departments, October 26, 2012, Pp. 1. Retrieved October 1, 2013 from http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cr12308.pdf/$file/cr12308.pd f
(Richardson , David . Intellectual Property Rights and the Australia- US Free Trade Agreement . Industrial Relations Section 31 May 2004) http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp 0304/04rp14

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