In a significant development for overseas companies trading in Australia, and Australian companies trading overseas, the Australian Government announced in October 2020, when handing down its first budget post-Covid, it would make legislative changes to clarify the corporate residency test.

Australia is a wealthy country that has long been an attractive and profitable market for foreigners to sell their therapeutic goods to our population of 25.5 million people.  But beware.  Australia has strict laws and regulations that govern the import and sale of therapeutic goods.  

Your products need to be approved by the Therapeutical Goods Administration (TGA) before you are permitted to import, manufacture, sell or advertise these types of products in Australia.  You will need a sponsor and a regulatory compliance expert to ensure your product(s) meet the strict criteria and can be registered.

The Australian Federal Budget was announced on 6th October 2020, and as predicted there were no surprises where Australia’s financial future is concerned.  As with all federal budgets, migration had its place. So, how does migration fare in the 2020/2021 budget?

Australia finished 2019 strongly with a balanced budget, relatively low global debt levels, a AAA global credit rating and historically low unemployment.

2020 of course has presented global challenges. From a strong foundation, Australia’s effective and proactive response to the global economic downturn has protected the Australian economy. Australia’s ability to adapt is our great strength, and it helps

us meet current challenges. We have a flexible and resilient economy, strong institutions and open markets, which help us respond effectively to all manner of disruptions.