Australia is moving steadily towards becoming a totally Knowledge-Based Economy (KBE). This means that the economy is driven by the production, distribution and use of knowledge and information. Knowledge-based industries now contribute almost h

Figure 2: A diverse range of exports that grew by 20 per cent or more in 2003

· Regionally by strengthening regional trade links and pursuing common trade and economic goals through the Asia Pacific Economic Cooperation

By having an open economy, Australian exporters are exposed to a potential market of over six billion customers, and also have access to cutting edge trends in technology, product design and customer behavior. All of these things can be used to better Australian business. In addition, by having an open economy, Australian businesses have access to cheaper inputs and newer technology that helps them to produce cheaper, higher quality products, and the savings are then passed on to the consumer.

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