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It wasn’t until 1770 that the territory, known as Australia today, was claimed in the name of Great Britain. Six colonies were created in the late 18th and 19th centuries and they federated and became the “Commonwealth of Australia” in 1901. It is the continent between the Indian Ocean and the South Pacific Ocean. Australia is slightly smaller than the US contiguous 48 states and has a coastline of 25,760 km.

Australia has an estimated population of 21.3 million primarily residing around the mainland state capitals of Sydney, Melbourne, Brisbane, Perth, and Adelaide. Most citizens are English speaking (around 79 percent).  Australia has always been a country that has welcomed immigrants, in the past from Europe - almost exclusively from the UK and Ireland - and more recently from Asia. Immigration is granted based on a points system, and citizenship is easy to obtain after a few years of residence.

Aside from being typically known for having koalas and kangaroos, and although most of Australia is semi-arid or desert, it includes a diverse range of habitats, from alpine heaths to tropical rainforests and is recognised as a megadiverse country. Much of Australia's biota is unique and diverse. About 85% of flowering plants, 84% of mammals, more than 45% of birds, and 89% of in-shore, temperate-zone fish are endemic. One of Australia’s main attraction sites is the Sydney Opera House. Another important tourist attraction includes the largest coral reef in the world – the Great Barrier Reef.

During the last 15 years, Australia’s standard of living has risen substantially. According to the 2006 Economic Survey by the Organization for Economic Cooperation and Development (OECD), living standards in Australia now surpass those of all Group of Eight countries except the United States. Australia has a sound, stable and modern institutional structure that provides certainty to businesses and offers a welcoming destination for investment. There is a strong, transparent corporate governance system along with business oriented corporate regulation and insolvency regimes. Australia also has low barriers to trade and foreign investment. Competition is substantial across the economy, including in key areas such as transport, telecommunications, electricity and gas.

 Australia has been ranked by the World Bank as the second easiest economy in which to start up a business (a new business can be established in two days compared with an OECD average of 20 days) and the third easiest economy for getting credit for businesses.