Government Type: Federal parliamentary democracy under a constitutional monarchy
Currency: Australian Dollar (AUD)
GDP Per Capita: 50,400 USD (2018)
Main Business sectors: 75.3%
Employment Rate: 93%
Higher Education Rate: 40.6%
Australia has become one of the most open markets, thanks to a process that increased productivity, stimulated growth and made the economy more flexible and dynamic. Australia plays an active role in the WTO, APEC, the G20 and other trade forums and enjoys a free trade agreement with China.
For almost two decades, Australia had benefited from a dramatic surge in its terms of trade. As export prices increased faster than import prices, the economy experienced continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system.
Global People has a significant advantage in the Australian market, thanks to an accurately designed process, based on our experience providing global employment solutions, extensive professional network and in-depth knowledge of the unique employment culture.
Global people’s services include:
Australia has a highly regulated employment system with a complex framework of requirements, differing between occupations and industries, and in some cases, between states and territories.
The Fair Work Act includes the national employment standards that define a set of 10 minimum entitlements applying to all employees, including restrictions on maximum working hours, paid and unpaid leave, notice of termination of employment and severance pay.
The employment agreement or contract must comply with the national employment standards and the state of federal regulations and law. The agreements must refer to:
Employers may terminate employment by notice in writing in any time, on one of seven grounds, described below:
The notice period will be based on the employment period:
|Employment period||Notice period|
|Up to 1 year||1 week|
|1-3 years||2 weeks|
|3-5 years||3 weeks|
|5 years or more||4 weeks|
Employees over the age of 45 that worked for more than 2 years are intitled to an additional weeks’ notice period.
Severance payments are calculated upon the employment period:
|Employment period||Severance Pay calculation|
|9-10 years||16 weeks|
|More than 10 years||12 weeks|
Employment tax varies in the different states and territories both in tax rates and yearly income threshold:
|Australian Capital Territory||6.85%||2M AUD|
The Northern Territory
New South Wales
Employers are required to contribute 9.5% of the employee’s gross salary to a Superannuation fund, which is equivalent to a retirement fund, capped at 25,000 AUD per year.
Employers contribute 1% of the employee’s gross salary to Medicare.
|Up to 18,200 AUD||0|
|18,201–45,000||19c for each AUD over 18,200 AUD|
|45,001-120,000||5,092 AUD + 32.5c for each AUD over $45,000|
|$120,001 – $180,000||29,467 + 37c for each AUD over $120,000|
|$180,001 and over||$51,667 + 45c for each AUD over $180,000|
Employees pay for Medicare levy, as described:
|Base tier||1st tier||2nd tier||3rd tier|
|Single threshold||Up to 90K||90-105.5K||105-140K||More than 140K|
|Family threshold||Up to 180K||180-210K||210-280K||More than 280K|
Mandatory Paid leave days
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