one of the world’s most transparent and efficient and
very supportive of entrepreneurship. In 2016, registering a business took less than three days. The labor market is well supported by the modern and flexible employment code. The government continues to fund multibillion-dollar subsidies for clean and renewable energy but eliminated its farm export subsidies in May 2017.Trade is moderately important to Australia’s economy; the combined value of exports and imports equals 40 percent of GDP. The average applied tariff rate is 1.9 percent. Nontariff barriers impede some trade. In general, government policies do not significantly interfere with foreign investment. The financial sector is competitive and well developed. All banks are privately owned and subject to prudent regulations.