Australia’s laws ensure safety for businesses
Both creditors and debtors in Australia have ample recourse to the law for assistance.Creditors have a variety of legal remedies available to force the payment of money owed to them.
Debtors are protected by insolvency law from being driven to desperation by business failure or unemployment. And the comprehensive social welfare system guarantees that everyone is safe from economic hardship.
Public policy and social welfare: Benefiting both employers and employees
Australia at both federal and state level has over the past century has implemented a wide range of social welfare policies which are of great benefit both to investors and workers. Employers need not provide many benefits which are part of the employment package elsewhere:
- Universal free education till matriculation,
- universal public medical insurance,
- the minimum wage,
- workers’ compensation,
- occupational health and safety regulations,
- occupiers’ liability and superannuation (mandatory pension funds for the retirement years which can, in fact, be withdrawn in a lump sum by those who emigrate to another country).
They are also a considerable benefit to employers in Australia as compared with countries where it is companies which must provide these benefits for their workers – a particular cost of doing business in the USA.
A high quality of public security, excellent law enforcement and an incorruptible and efficient judicial system mean that employers are spared the cost of private security arrangements.
State and federal governments in Australia pour enormous amounts of money into infrastructure: roads, highways, trains, bridges, ferries, hospitals, schools, universities, dams and reservoirs and power supply.
There are several important results for residents of Australia. Notably,
1. Healthcare is excellent and universal; tapwater is clean and drinkable; electricity and gas supply is uninterrupted.
2. In lean economic times the ready resort to additional investment in infrastructure takes up any shortfall in private sector jobs.