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3. The Australian Cultural Factors and How to Leverage them for Growth of Business Overseas

In times of globalization, organizations have expanded, massively, even across borders, and face cultural challenges. The McKinsey report has indicated that almost half of the ASX 100 companies generate more than 30% of their revenues from international markets. This highlights that there is huge potential for growth in the international market. This makes it a significant driver of value creation for Australian companies. Also, the research suggests that by adopting the right business model, Australian companies can pursue international expansion. This will provide opportunities to earn higher shareholder returns and achieve overall business success.

• Key values/traditions

Australia is known to be a successful and multicultural country with a long history of welcoming migrants from different corners of the world (Elias et al., 2021). According to (Egberink, 2023), there are multiple Australian cultural values and standards, including: easy-going, indirectness, helpfulness, time flexibility, manliness, power divisor, politeness, etc.

Moreover, these Australian cultural standards have emerged from values of harmony, authority, ethnocentricity, and carefreeness (Egberink, 2023).  Therefore, national and international businesses can adopt these values to build strong relationships with their clients, suppliers, and employees, etc. This will also help to interact in overseas markets, enhancing their reach to local partners and customers.

• How business is done in the country

Australia is known to be a multicultural, and welcoming country, with an open, stable, and globally connected economy. This makes it an ideal place for startups, SMEs, and MNCs to grow (Australian Government, 2023).

• Hofstede’s dimensions on the country in comparison to Australia

Considering Hofstede cultural dimension has provided insights into shared cultural values and a national cultural dimension that provides a useful framework to interpret the social-cultural factors of Australia. Six dimensions define national culture: power distance, uncertainty avoidance, long-term and short-term orientation, individualism/collectivism, masculinity/femininity, indulgence/restraint (Padley et al., 2022). Where, Australian culture is found to be very high on individualism, (90 scores), low power distance (38), middle to a high level of masculinity (score 61), intermediate uncertainty avoidance (score 51), low long‐term orientation (score 21), and high indulgence score (71) (Padley et al., 2022). Although, this makes the country different from other cultures, especially Asian countries.

• Holidays

According to (Australia Holiday, 2019), the national holidays vary from state to state, whereas, some common holidays are of New Year, Australia Day (26^th January), Christmas, Easter, and ANZAC Day (25^th April).

• Language and communication styles

English is the main and official language, as all important rod signs, menus, and important notices are issued in English, however, there are different types of languages spoken in Australia (Australia Holiday, 2019).

• Religion

Christianity is the most dominant religion practiced in Australia, but due to its diverse culture, there are different religions practiced in the country (Australia Holiday, 2019).

4. The Political Situation in Australia and How Australia’s Government Relationship abroad

• Type of Government

Australia has a representative democracy and a constitutional monarchy, with the federation of states (Parliamentary Education Office, n.d.).

(Source: Parliamentary Education office, n.d.).

• Government structure and how it operates

Australia has a long-standing parliamentary democracy and robust democratic culture (Köllner, 2021). Furthermore, Australia has a mixed system of government, and its system of government is based on the British Westminster system. where Australians are allowed to vote for members of parliament to make laws on their behalf (Parliamentary Education office, n.d.).