The Commonwealth of Australia is located on the continent between the Indian Ocean and the South Pacific. It is the world’s smallest continent but the sixth-largest country. It is slightly smaller than the continental US and covers an area of 7,686,850 sq. kilometers. Australia’s total population is 21.26 million and is concentrated along the eastern coastline. The population is growing at about 1.2% with 89% living in urban areas. The capital city of Canberra has a population of 340,000 with other main cities including Sydney (4.3 mil), Melbourne (3.8 mil), Brisbane (1.9 mil), and Perth (1.6 mil). The people are governed by a federal parliamentary democracy and a Commonwealth realm. The primary language is English and the currency used is the Australian dollar.
Australia has a strong economy on par with the Western Powers but offers a unique opportunity for trade with Asia due to its close proximity. Its main trade partners are China, Japan, and USA with other trade partners including South Korea, Singapore, UK, India and New Zealand. Its primary imports are machinery and transport equipment, computer and office machines, telecommunication equipment, and crude oil and petroleum products. Exports consist of coal, iron ore, gold, meat, wool, alumina, and wheat. Australia’s GDP (Purchasing Power Parity) is $800.5 billion and is growing at a real rate of 2.2% with an inflation rate of 4.7%. Australia ranked 9th out of 181 countries in the World Bank Group’s Ease of Doing Business Ranking.
05/11/09 $1 = 1.3 AUD CURRENCY EXCHANGE RATE
Franchising Laws Overview
- Franchisors must provide a copy of the Franchising Code of Conduct (the Code) and a disclosure document to prospective franchisees prior to a franchise sale, renewal, or extension.
- Disclosure document must be provided to franchisees or prospective franchisees 14 days before the franchise agreement is signed or any money is paid.
- A 7-day cooling off period is given to the franchisee once the franchise agreement has been signed.
- The Code has specific provisions regarding breach, termination, mediation, and transfers of the franchise.
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* CPI Score is published by Transparency International and relates to the perceptions of the degree of corruption as seen by business people and country analysts and ranges between 10 (highly clean) and 0 (highly corrupt).
**Ease of Doing Business Ranking is determined by the World Bank Group and is ranked out of a possible 181 countries.
Most recent statistics have been taken from the CIA World Factbook unless noted otherwise.