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Australia Overview

Australia is known for its abundant and diverse natural resources and mining economic activity. Its economy is considered one of the strongest, most stable and diverse in the world, with the second-highest median wealth per adult.

The service sector dominates the Australian economy, comprising 62.7% of the GDP and four out of five jobs. Open and transparent trade is imperative for Australia’s strong economy – East Asia is a top export destination, accounting for about 64% of exports.

Australia’s large companies dominate the market including key players of ANZ, NAB, Commonwealth Bank, Macquarie Group, Telstra, Caltex, BHP, Rio Tinto, Wesfarmers and Woolworths.

Its business sector is large and dispersed with 2.1m business owners of which 35% are in regional areas ad 70% are classified as family businesses.  In total SMEs equate to 35% of GDP.

Global State of the Market Report

In 2020, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 53,000 professionals on Advisory Boards in Australia or 3% of the global Advisory Board market.

Australian Advisory Board Landscape

The assessment has identified low numbers of Advisory Board professionals in Australia.

Minimal participation in the market may indicate:

  • That Advisory Board structures engaged in the country are informal in nature;
  • Advisory Boards are referred to as a different name, such as committees, councils or think tanks;
  • Traditional sourcing of advice is more customary for Australia’s current business environment; or
  • There is a language barrier stemming from the search for Advisory Board professionals being in English.

As an emerging sector in Australia, connection and collaboration with the global Advisor community will present strong future growth opportunities. Further, focusing on key market sectors – metals and mining, financial and business consulting, and– as well as acknowledging start-up and emerging industries is essential. It will also be important for Advisory Board professionals in the market to be credentialed to best practice and ethics as this sector grows over time.

Future Growth Opportunities

With the rise in complexity and risk management for Governance Boards, Advisory Boards will be increasingly utilised to apply critical thinking prior to board approval.  The Australian business mid-market Advisory Board sector has a minimum of 3% growth potential to be in line with other nations.

Key Statistics

Population 25.6m Labour Force by occupation
GDP  1.397tn (USD) Agriculture 3.6%
Industry 21.1%
GDP by sector Services 75.3%
Agriculture 2.8%
Services 62.7% Imports 421.1bn (USD)
Manufacturing 5.8% Export 470.2bn (USD)
Construction 7.4% Global ease of doing business rank 14th (easy)
Mining 5.8% Global ease of doing business score 79/100

 

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