GDP per capita
per capita 2019
The Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the world’s sixth-largest country by total area with one of the most urbanized societies, with a population of around 25 million.
More than 90% of the population lives in the large urban areas of Sydney, Melbourne, Adelaide, Brisbane, and Perth, and in smaller cities and towns within 100 miles of the ocean. The centre of the continent is flat, dry, mineral-rich, and largely unpopulated, while the coastal areas are wet, mountainous and densely forested.
The country is best known for its diverse multicultural population comprisingof more than 170 different nationalities. 92% of the population is of European origin, 7% of Asian origin and 1% who identify as Indigenous Australian[Australian Bureau of Statistics – ABS].Sri Lankan diaspora account for over 170,000 of its population, the 12th largest ethnic group in the country. International migrants make up 31.3% of Australia’s labour force with representatives from all parts of the world [Why Australia Benchmark Report 2019]
Like most developed countries, Australia’s population is ageing as a result of sustained low fertility and increasing life expectancy. This has resulted in proportionally fewer children (under 15 years of age) in the population and a larger proportion of people aged 65 and over.
The sex ratio at birth is approximately 106 males per 100 females. Higher male mortality rates at younger ages result in the ratio approaching 100 by the age of 30. Overseas migration can influence the sex ratio, especially in the working ages where there has historically been a greater proportion of male migrants. Above age 75, the sex ratio reduces markedly due to the impact of higher male mortality in this population group.
Economy & Trade
Australia has one of the highest levels of per capita GDP in the world, and the country is ranked second for average wealth per adult, globally. The Australian economy has enjoyed 26 years of consecutive economic growth resulting in an increase in life style and consumer spending.
Australia is rich in natural resources and is the world’s largest producer of gold, iron ore and uranium which also take up a large portion of the country’s exports. (Natural resources account for 57% of its annual exports). The country is also known for its premium agricultural commodities and is the world’s third most popular destination for international students.
Australia is internationally famous for its local carrier Qantas, large retail stores Woolworths, Coles and Bunnings as well as consumer brands like Vegemite, Tim Tams, WeetBix and Jacobs Creek wine. However, manufacturing accounts for only 6% of Australia’s total output and 10% of its total exports. [Reserve Bank of Australia] As such, Australia has a heavy reliance on imported goods to cater to its growing & diverse local market. Additionally, Australian brands are expected to continue to adapt to fundamental changes in the market, driven by emerging technologies, lower barriers to entry and international competition.
63% percent of total imports to Australia are from Asia, China being its largest import partner (27%) followed by Europe (18%) and North America (12%). Sri Lanka accounts for less than 1% of its imports (0.16%)[OEC.World]
Australia’s trade policy continues to be based on the premise that trade openness, economic growth and improved living standards are strongly linked; emphasis is placed on improving international competitiveness and market access overseas. Australia pursues a combined multilateral, regional, bilateral and unilateral approach to trade policy, and is exemplary in the transparency of its trade regime.
Australian and NZ markets are highly regulated markets. Currently there is no requirement for importers (companies or individuals) to hold an import licence to import goods into Australia. However, depending on the nature of the goods and regardless of value, importers might need to obtain permits to clear certain imported goods from customs control. Importers are required, amongst other things, to ensure that imported goods are correctly labelled. For example, imported goods that require a trade description must be marked with the name of the country in which the goods were made or produced, and where specified, a true description of the goods.
An importing permit is required for goods that are subject to quarantine regulations. The Department of Agriculture and Water Resources will need to inspect and/or treat products for pests or diseases.[Australian Border Force]
Australia is home to large retail channelsand specialized stores include Australian owned Woolworths, Coles, Bunnings as well as large international retail channels like Costco and Aldi.
The retail industry has evolved drastically over the past decadeand is facing disruption. Overseas businesses have entered the market and are bringing a new approach to retailing. Additionally, consumers are more tech-savvy, affluent, and busier than ever. Their expectations are evolving and technology is changing their behaviours.
Technology advancements, mainly through the introduction of online retailing, allowed consumers to have almost unlimited access to goods, both locally and globally. Online shopping has boosted the growth of the retail sector, since its introduction in the early 2000s. Additionally, online shopping has increased the consumer spending over the past decade.Social media and Ecommerce have also changed the dynamics of the Australian consumers buying behaviour and spending patterns.
71% of the Australian population are shopping online. The top 3 interests of Australian online shoppers are Clothing, Food & Drinks, and Shoes. The number of eCommerce users is expected to grow by 14% to 20 million users in Australia until 202334% of Australian online shoppers have a high household income. Australia’s 18 to 36 age demographic has increased by half a million since the last census, currently representing 26% of the total Australian population reshaping the face of online shopping.
Trade (Australia – Sri Lanka)
Australia is an important trading partner for Sri Lanka both as a significant market for exports and supply of raw material and intermediate goods. There has been a significant increase in the total trade turnover between the two countries over the past few years.
Australia is Sri Lanka’s 23rd largest trading partner and New Zealand is Sri Lanka’s 28th largest trading partner. An important issue highlighted in this report is the need to diversify Sri Lanka’s trade with Australia and New Zealand. Currently, there is high export and import concentration in a few categories.
Three product categories account for 72% of Sri Lanka’s total exports to Australia and three product categories account for 83% of Sri Lanka’s total exports to New Zealand.
Just two product categories account for 65% of Sri Lanka’s total imports from Australia, while a single category (dairy) account for 93% of Sri Lanka’s total imports from New Zealand.
While currently the key export products from Sri Lanka to Australia are textiles, tea, and rubber; analysis on potential exports suggests expanding into vegetable products, food products, footwear, plastics, and mineral products. Crude coconut oil (HS 151311) and footwear with outer soles of rubber or plastics (HS 640590) were identified as exports with a sharp growing trend while nuts and other seeds (HS 200819), glazed and ceramic flags and paving (HS 690890) brassieres (HS 621210) and Jerseys and pullovers (HS 611011) as exports with moderate growing trend.
Meanwhile, currently the key export products from Sri Lanka to New Zealand are tea, textiles and rubber; here too the analysis on potential exports suggests expanding into vegetable and food products, chemical products, plastics, and minerals, while increasing textiles even further.
Australia and Sri Lanka signed a Trade and Investment Framework agreement (TIFA) in November 2017 during an official visit by Australian Prime Minister, Hon. Turnbull to Sri Lanka. The major objectives of TIFA are to promote and deepen the bilateral economic relations on the basis of mutual benefit from increased trade and investment.
Celebrating 15 years in Business !
Our mother company B dynamic celebrated 15 years in business on 7th July, entering another year of success with the launch of bConnect in Sri Lanka.
“In 2005, I started B dynamic as a promotional product sourcing business. It grew to become a key supplier to major rewards and loyalty programs with many local and international brands. We started our logistics arm, B dynamic logistics, in 2013 to solve supply chain challenges experienced by many of our customers. Today we are expanding our business into other markets. From a humble beginning from my home office on the Central coast, NSW, we have come a long way. It wouldn’t have been possible without everyone who has supported us over the years. On behalf of the B dynamic family, I want to say thank you!” Jamitha Pathirana, Founder/ CEO – B dynamic Group Australia
Jam’s Interview with Mustardmade team
One of the great pleasures of doing business is to see through some of the success stories and meeting inspiring entrepreneurs. It was nice to have a chat with this dynamic duo, Becca and Jess, two sisters who founded the mustardmade brand.
From humble beginnings in their back-yard to global expansion, Australia, UK and now they are aiming for US. B dynamic Logistics(BDL) are proud to be part of their success story. Please visit www.mustardmade.com and check out their range.
BDL wins 2019 “Environmental Excellence award” by the Supply Chain and Logistics Association of Australia
We are extremely proud to announce that on Friday night at the Australian Supply Chain & Logistics Gala Dinner, B dynamic Logistics was awarded the 2019 “Environmental Excellence award” by the Supply Chain and Logistics Association of Australia (SCLAA). This award acts as recognition for the hard work of our team, but also acts as a source of motivation, pushing us to be better. “B sustainable, B dynamic”.