Legal And Political System Of Australia - 2073 Words

Legal and Political System Australia’s government design was taken from the British Westminster system after those who originally colonized Australia. A functional, western style democracy, there are a number of minor political parties operating in Australia but the country’s federal politics is an essential 2-party system at present, much like the United States (Our Country, 2015). Power in Australia is shared between various levels of government, the Federal, State and territorial. Establishing operations within Australia would require understanding the Federal government’s laws and policies as well as the laws and policies of the six state governments as well as two additional territories each with its own regional governing body. Law†¦show more content†¦Australia’s main trading partners are China, Japan, the United States, Republic of Korea and Singapore. Nearly half of Australia’s trade activity in terms of imports and exports are with these 5 countries alone. Particularly with the recent growth of the Chinese economy, Australia’s chief trading partner, the country has seen growth in its exports. However very recently the growth of the Chinese economy has been slowing which is a risk to Australian exports. 72% of Australia’s two-way trade is within the APEC countries. Like the G20, this trade relationship is quite significant. Australia’s single top import is personal travel services, however overall most of what Australia imports is petroleum products and motor vehicles. It’s appetite for refined petroleum increased by 12% over the past 5 years. Australia’s top exports are its natural resources, iron ores, coal and natural gas. (Australian Government: Department of Foreign Affairs and Trade, 2014) Since 2012, Australia has maintained a mostly negative trade balance, perhaps amid uncertainty of its currency against the US dollar, but more likely is its economic growth is causing it to import more and more petroleum products which it’s exports of its own natural resources is not able to match. Australia and Canada have similar economic policies that govern their banking systems. As a result both countriesShow MoreRelatedPolitical And Legal Environment Overview Essay1413 Words   |  6 PagesPolitical/Legal Factors 5.1 Political Legal Environment Overview Holburne and Zelna (2010) describe the legal political environment as an arena where organisations interact with a body of laws and regulations, guiding interactions between nations, firms and various local government agencies. 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