Stasa, our Content Marketing Associate here at Nomad Capitalist, has already done the research for you to find the best co-working spaces in Australia. If you’re nomadic like I am and enjoy visiting Australia from time to time, finding the right co-working space may just be your key to tapping into Australia’s growing entrepreneurial community without needing to set up shop there. That said, you can still enjoy many of the benefits of Australia’s economy and quality of life without having to live there full-time or set up an Australian business and fall prey to their high taxes. In fact, I have worked with many Australians over the years to help them avoid the nomad tax trap and lift their tax burden by leaving Australia and creating a holistic offshore strategy. Income tax in Australia is a steep 45%, corporate taxes are a flat 30%, and with value-added and capital gains taxes, the total tax burden in Australia is more than 28% of domestic income.Īs easy as it may be to do business there, Australia is not a place I would recommend for setting up your foreign company. Best of all, almost all industries are open to foreign competition and investment. There are only three procedures required to open a business in Australia and the country’s free-market democracy has created a strong entrepreneurial environment.Īustralia has a robust financial and insurance services industry and is equally competitive in the areas of technology, high-value-added manufactured goods, mining, and agricultural exports. Plus, Australia is ranked fifth in the Index of Economic Freedom. And it doesn’t hurt that Australia recently overtook Switzerland as the country with the highest average wealth. In fact, Melbourne, Adelaide, Sydney, and Perth have all scored in The Economist’s top ten most livable cities in recent years.
It was the 13 th largest economy in the world in 2018 and was the only advanced economy that did not experience a recession during the global financial crisis of 2008-2009.Īustralia has the third highest human development index worldwide, ranking highly for quality of life, health, education, civil liberties, and livability. Not to mention the fantastic local accent and hospitality.Ī lot of good things can be said of Australia’s economy, too. Whether you want to soak up some rays on Bondi Beach, witness awe-inspiring views first-hand (from the Great Barrier Reef to Blue Mountains National Park), catch the waves in some of the top surf spots in the world, or experience the Sydney Opera House, Australia has something for everyone. Today, it is the eleventh largest national tourism market in the world. For years, the Land Down Under has been drawing folks to its coasts. There are so many reasons to love Australia.
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