March 20, 2015
Australia’s capital is their largest inland city, Canberra. It is located at the northern end of the Australian Capital Territory. The country is divided into three regions with three separate time zones. The Eastern Standard Time (AEST) covers the eastern states of Queensland, New South Wales, Victoria, Tasmania, and the Australian Capital Territory. Australian Central Standard Time (ACST) covers the state of South Australia, the town of Broken Hill in western New South Wales, and the Northern Territory. Australian Western Standard Time (AWST) covers Western Australia.
Australia follows a Westminster system of government and law inherited from the British. There are two main political parties and a number of minor parties, which make up the Commonwealth Parliament. Each state and territory also has its own government.
Australian society is made up of people from a rich variety of cultural, ethnic, linguistic, and religious backgrounds, and this is a defining feature of modern Australian society. Aboriginal and Torres Strait Islander people have inhabited Australia for tens of thousands of years. Most Australians are immigrants or the descendants of immigrants who arrived during the past two hundred years from more than 200 countries. The most commonly spoken language in Australia is English.
The banking sector in Australia consists of a number of banks licensed to carry on banking business under the Banking Act 1959, foreign banks licensed to operate through a branch in Australia, and Australian-incorporated foreign bank subsidiaries. The banking system is liquid, competitive, and well developed.
Legal workers are Australian citizens, permanent residents, and non-citizens with Australian visas that allow them to work. Most temporary visa holders have permission to work while in Australia.
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission.
Please read more on Country Fact Pages located on our website. As always, our goal is to continue to make it as easy as possible for Western and European businesses to join-and succeed in the thriving Asia markets, and to expand our clients’ reach, and in turn, help to grow their operations at home.
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Founder & CEO, Tiger-Consulting