Australia has been the home of major oligopolies in the modern history of Global Markets (Alvarez, 2007). As with the observations, the nature of Oligopoly might have driven the economy into one of the strongest in the world. However, the growth of Australian economy has been one of the most consistent in terms of the relative analysis of much of the Western counterparts that share the nature of the markets in Australia. However, in the broader scope of market events, the need to terminate oligopoly could drive the global observation of markets, it is very unlikely that the change would be incidental and is a shorter interval of time. In contrast to most of the Asian countries where oligopolies have remained in more elusive forms, Australia has had the more transparent system for its markets (Alvarez, 2007).
One of the growing concerns for the modern economy of Australia is a Market concentration that yields lesser returns to the government as there are lesser competition and lesser mans of transitional growth for the business of all kinds (Ahmad, 2014). In contrast, if the relative competition is fair and more productive with predictive outcomes, most of the duopolies, oligopolies or monopolies in the country have to be appreciated to deliver one of the cleanest systems as compared with the other countries globally. On the other hand, in comparison to the countries like China, South Korea and most of the South East Asian countries, the local companies from these Asian countries have managed to compete in the local and the global markets with a similar intensity that aids the growth of the organization on all fronts (Ahmad, 2014).
Profits and Infrastructure
Despite some of the largest corporate infrastructure that exists in Australia, the country remains divided when it comes to the fairness of markets in the country. The phenomenon eventually leads to the disruption of the economy concentrating markets to certain identities and parameters that get harder to maintain in the long run for the economy (Garay, 2011). One of the most visible examples of Oligopoly is the supermarket chains in Australia that has been dominated by Coles and Woolworths for a longer interval in the market history of Australia. Despite the odds, there has been growing scrutiny over the weaker competition policies laid out by the government. But on the deeper observation, the industry of Agriculture has been duly accepted to be monopolistic in nature and remains one of the weakest systems in the country till date. The reflection of monopolistic markets reclaims the medieval structure that was purely primeval in terms of the modern market. The lesser competition leads to lesser quality in the products, especially in the markets of electronics and related segments of the market (Garay, 2011).
Opposed to the direction of profits, the markets of eateries in the country have been one of the most regulated entities that drive the better the country has to provide to its citizens. Hence, it could be seen on why the Australian authorities do not want to wave off its tight regulations when it comes to the products related to foods and beverages. However, the pattern of oligopoly has managed to penetrate the non-biological markets such as Electronics and related segments of Markets that can be considered as one of the concerns for otherwise a fair and stable market environment in Australia (Tweedale, 2016). As with most of the countries, Australian markets puts up the same trends as the other countries. For instance, Microsoft, Apple, and Samsung dominate the technological front for the markets in Australia. The trend, however, is subtle and does not run the same to the lesser segments of the same industry. As the observation, Australia shows up a mixed market environment for the business of all kinds in the country (Tweedale, 2016).
Presence of oligopolies in Australia
The presence of oligopolies in Australia has been more common than in most of the other countries globally. However, this could be taken as the direct consequence of the social and communal nature of Australia that had reinforced itself over the last century. Hence, it is the social attributes of the country that might have led the difference in the market structure of the country as compared to the other countries all across the world (Miller, 2009). The means of newer social infrastructure that includes immigrants and international brands that are introducing itself into the markets could mean a new phase for the Australian markets in the years to come.
As with the immigrants, the country has some of the largest first generation immigrants and hence the future of the markets in the country would be different in the years to come. In part, this difference could also be related to the consequence of poor enforcement of competition laws that have really made the markets insensitive to development. This neglect seems to enable major companies to buy each other with no legal bindings and t regardless of competitive nature of each other. One of the more common examples in the recent times is the Hard warehouse by Bunnings Warehouse. This is just one of the cases that have been more visible than the other. In most of the cases, the brands have been completely washed out of the markets as the consequence of acquisitions or complete buyout in the markets. This, in turn, shows that there is indeed a new variant of Oligopoly that could exist well into the future for the Australian markets with more intense aspects and attributes (Miller, 2009). However, as with the current infrastructure, there is more richness that exists in the markets of Australia that ensures that a healthy environment exists at the basic levels of the markets. Australian markets have been one of the more exceptional markets as compared to most of the western counterparts, mainly due to its socio-political aspects that make the country one of the more refined modern communities in the world. However, the recent change in the social structure of Australia could yield some exception market drivers that eventually would be pivotal strengths of the Australian economy. However, it remains to be seen on how faster the reformation would practically be realized in Australia (Miller, 2009).
Ahmad, F. (2014). Turkey. 1st ed. New York: Oneworld Publications.
Alvarez, M. (2007). Market data explained. 1st ed. Amsterdam: Butterworth-Heinemann.
Garay, R. (2011). U.S. Steel and Gary, West Virginia. 1st ed. Knoxville: University of Tennessee Press.
Miller, R. (2009). There’s infrastructure and …critical infrastructure. International Journal of Critical Infrastructure Protection, 2(1-2), pp.3-4.
Tweedale, A. (2016). Systematic review for pre-market risk assessment. Environment International, 94, p.626.