In this episode of DBrief, Louise McGrath and Dr Jeffrey Wilson explore the complexities of Australia’s economic landscape, including challenges posed by time zones, public holidays, and the need for a unified economic market. They examine trade agreements - particularly those with New Zealand and ASEAN - and highlight the growing importance of digitalisation in trade processes.

The conversation also includes an update from the recent East Asia Business Council meetings in Malaysia, held on the margins of the ASEAN Economic Ministers’ meetings. Key topics include demographic challenges across the region and the impact of global trade policies, especially those originating from the US.

Key takeaways

• Australia’s time zone differences present significant business challenges.
• Public holidays vary widely across states, affecting productivity.
• The TTMRA aims to establish a single economic market between Australia and New Zealand.
• Trade agreements such as RCEP (Regional Comprehensive Economic Partnership) are vital for regional economic cooperation.
• Digitalisation in trade can reduce corruption and enhance efficiency.
• Youth demographics in Asia offer both opportunities and challenges.
• US tariffs disproportionately affect Asian economies.
• Machine-to-machine communication is essential for modern trade.
• ASEAN’s focus on small businesses provides a valuable model for Australia.
• The focus on small businesses in ASEAN is a model for Australia.

Contact the Industry Development & Policy team here.