International Business Report: Political Economy Factors in Australia

This report provides an analysis of the political economy factors in Australia, focusing on their impact on international business. The report examines the Australian political system, including visa policies and their implications for migrant workers. It explores the economic system, highlighting the influence of free markets, free trade, and the Australian Securities Exchange on business and employment. The legal system, encompassing Statutory and Common Law, is discussed in relation to its effect on skilled migrant workers and project approvals. The report also considers the informal economy and corruption levels. Furthermore, it delves into Australia's cultural aspects, assessing factors like power distance, respect for traditions, optimism, and individualism, and their effects on the business environment and lifestyle. The analysis includes advantages and disadvantages associated with political, economic, and lifestyle factors, supported by relevant literature.

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Relations between political economy factors of Australia
Political System
The Australian political system has policies such as visas (Collins, 2013, pp. 160).
Migrants interested in business are issued short term visas for either single entry or for multiple
entries and those interested in temporary business issued with long term visas allowing highly
skilled personnel to come to Australia to work for an approved employer for up to four years.
The tax system imposed on the migrant's wage is to avoid corruption or underpayment.
Economic system
The free market and free trade have opened new job opportunities to migrant workers.
Moreover, an increase or decrease of the Australian securities exchange will influence the
entering of migrant workers. The economy and stock market affect the success of different
companies, and this achievement or failure flows down the business chain and affects its
employees who could be transnational migrant workers. It also can affect whether people are
hired or not due to the company's power to do so with their profits.
Legal System
Both the Statutory Law and Common Law may differ in each country; the employment
rate of high skilled migrant workers will be affected by the acceptance of projects in the country
depending on the approval of the legal system.
Informal economy

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Corruption within the industry is less according to the Corruption Perceptions Index
determined by expert assessments and opinion surveys. However, influence People working side
jobs on top of their primary or actual job and enter legal firms by bribing the board members or
owners.
Cultural aspects
Looking at Australia’s cultural aspects, Australia is a great country to migrate to with a
lot of benefits considering the following factors. First, the political benefits and limitations which
facilitates the power distance has a low score in Australia and proves that communication
between managers and employees at their workplace is convenient and reduces the chances of a
fight for political power (Bernadette and sanders, 2013, pp. 610).Respect for traditions as shown
by the long time orientation ensures that Australians and practicing good politics. The optimism
proved from indulgence score in Australia shows that the people have no hesitance to practicing
democracy. Individualism in Australia prompts people to be self-motivated and rank themselves
according to their achievements.
Second, the factors associated with the economic advantages and disadvantages. A small
power distance reduces the probability of being unemployed in the long term (Gregory, 2014,
pp.328). Long time orientation score ensures that the Australian economy grows. On the other
hand, a high score in indulgence may reduce the level of saving in the economy as people spend
without hesitation. Corruption is at minimal in Australia in the employment industry as hiring
and promotion of workers is done based on qualifications and work done by individualism.
Third, lifestyle advantage and disadvantages which facilitates the low score of power
distance since the Australians foster well developed formal and informal communication that

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adds friendliness in their day to day life (Fiske, 2016, pp.34). However, Long term orientation as
scored proves that Australians do not worry about events that are yet to happen therefore
showing little preparedness. Indulgence score is high in Australia showing that the people are
optimistic about life and have learned to have fun without hesitance. As a result of the high score
of individualism, Australians are encouraged to take care of themselves and their immediate
family in the society.

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Bibliography
Fiske, J., Hodge, B. and Turner, G., 2016. Myths of Oz: reading Australian popular culture.
Routledge.
Collins, J., 2013. Rethinking Australian immigration and immigrant settlement policy. Journal of
Intercultural Studies, 34(2), pp.160-177.
Gregory, R., 2014. The two-step Australian immigration policy and its impact on immigrant
employment outcomes. Browser Download This Paper.-328.
Bernadette van Rijn, M., Yang, H. and Sanders, K., 2013. Understanding employees' informal
workplace learning: The joint influence of career motivation and self-construal. Career
development international, 18(6), pp.610-628.