Business regulation in Australia is a collaboration between Federal and State-level governments. This gives the country the advantage of having stable and internationally respected regulations at the highest and most important levels, while also allowing for a level of competition between states which are looking to offer a friendly and flexible regulatory environment in order to attract business to their country.
A Look at the Country’s Approach
The gambling industry is a good example of Australia’s approach to business regulation and the strengths and weaknesses that are inherent to the country’s model. Australia has long had one of the most relaxed gambling regimes in the world. This has allowed casinos to open all over the country (Melbourne and Sydney are home to some of the largest gambling establishments in the Southern Hemisphere) while gambling machines are a common sight in all of the country’s pubs. The ability of Australians to gamble has undoubtedly benefitted from this approach, as have the tax receipts of State and Federal governments. This is because the government only awards a limited number of gambling licences, meaning that it is able to make high demands for revenue shares and taxes off the back of its gambling sector.
The main drawback of this approach becomes apparent when you look at innovation in the space. In short, Australia is very reluctant to kill the goose that keeps laying so many golden eggs for the country. As a consequence, Australia has a far stricter approach to online gambling than one might expect. This is not from a social or moral standpoint; gambling is far more common and socially acceptable in the country than in many other western nations. Instead, it is an attempt to hold on to the tax revenue that the land-based gambling sector has so reliably generated for the country. There is a concern from the government that much of this could go abroad if online gambling were to become mainstream.
This means that anybody in Australia who looks for a Unibet App Review will have to be aware that many of the casino games that make the casino so popular in other countries are not available Down Under. In Australia, Unibet is primarily a sports betting operation, the same goes for most other online operators.
The History of Australian Business
Australia’s business-friendly approach stretches back to its origins as part of the British Empire. During the 19th Century, when the Empire was at its peak, Britain was the heart of business around the world, and much of this was down to its liberal (for the time) approach to the way business is done. This attitude was exported to Australia and formed the heart of the way that business is done in the country.
In the 20th Century, Australia also found that it had to offer a more liberal business environment than many other countries to attract businesses. Companies needed a reason to set up significant parts of their business in a time zone and region that was far from a large part of their customer base, and Australia found that offering a relaxed and profitable business environment was a great way of doing this.
Australia is undoubtedly a great place to do business and reaps the rewards of its long-term business-friendly approach. However, the country will have to be careful that it is not left behind by a rapidly changing economy.