If one goes by the Bhagvad Gita – change is the only constant, a rule that this Universe goes by.
In an evolving world, where technology keeps changing constantly, how has Australia managed to stay on top of things consistently. One may look at the heading and wonder if the Australian economy is really in the pink of health?
Australia is a large economy and a pleasant place to live in. It has a GDP of over AUD$1.6 trillion (2017) & is the only nation in the world that has not faced an economic recession for the past 26 years. This has been possible due to its strong economy that has been supported by a strong financial industry and a competent talent pool that its Universities offer.
Australia has over 2.1 million small and medium businesses/ enterprises that employ over 68% of the Australian workforce. In addition to the financial support provided to these organizations by banks, Fintech companies are now providing many of the same services to these businesses at their doorstep or right in the palm of their hands.
Fintech companies are now able to offer services to businesses that were earlier unavailable for businesses. Online banking/ overdraft, digital transactions, payment gateways have allowed these 2.1 million businesses sell a lot of their goods and services throughout the globe and thus, earn more with each passing year.
Thus, Fintech has allowed the Australian economy to grow and become a more robust market for businesses to operate and prosper.
- Strong banking/ finance support
Another major reason for the success of the Australian economy is the good health of the Banking/ Financial industry. A lot of economic problems have been caused due to the weakness of the global banking sector (recession of 2008). However, Australia was one of the few countries that did not face a recession, due to the strength of its banking sector. This allowed it to offer more loans and offer more funds for investment to the industry.
This prevented the manufacturing/ services sectors and the economy as a whole from contracting and allowed Australia to increase its exports at the expense of other countries.
- Unique education system in Australia
Every year the Australian government releases a skill shortage list that is based on the employment statistics collected over the year. The Australian universities plan their syllabus according to these lists.
This is a big step towards bridging the gap between the subjects taught and the skills that are required in the country. Having said that, there are hundreds of finance and other subjects that are available for the students with different career requirements.
One of the key reasons for the success of many global economies is the abundance of good Universities that train students to manage large multi-national businesses. USA, UK, EU, India, Japan, Australia, etc., all have an excellent set of Universities that are able to churn out skilled graduates year after year.
The teachers are trained to deliver world-class learning and maintain the unique reputation that it has acquired due to their research oriented approach. One such university with world class finance courses for international students is Western Sydney university.
BSE Institute Ltd. & University of western Sydney jointly offer postgraduate programs which gives students an opportunity to pursue a lucrative career in finance in Australia.
Australia depends heavily on its skilled talent pool to increase its productivity, achieve sustainable economic growth, create jobs and improve overall well-being for its citizens.
- Foundation studies
Short term finance and other skill development programs are initiatives of Australian Universities that aim to re-skill students who wish to change their line of work. These programs are specially designed and focus on area specific specialization. These programs can be a quick entry into companies needing specialized talent.
This has allowed Australia to skill a large chunk of its workforce as its economy has evolved. Many times, industries face problems due to factors that are beyond anybody’s control (nature, shortage of raw materials, global factors) and that puts the very existence of the industry into jeopardy.
A good solution for most employees in this case is to get themselves reskilled and get themselves placed at other companies without a major hit to their pay package.
Australia is not just a developed country, but it’s an advanced country that has planned every aspect of its economy quite well and anyone hoping to contribute to this country will surely reap the dividends when they work here.