Aussie Firms Found 'Unprepared' for the Asian Century

The transcript discusses Australia's economic challenges, particularly its reliance on the mining boom and the need to transition to a services economy. It highlights the country's unpreparedness in terms of cultural understanding and business adaptation, emphasizing the importance of diversity and global engagement to remain competitive. The discussion suggests that Australia must act quickly to avoid being left behind in the global market.

What is the main concern about Australia's economic future as discussed in the first section?

• The decline of the mining boom and lack of new growth areas

• The increase in residential construction

• The rise of the old boys club

• The abundance of trade with Asia

According to the second section, what is a major factor contributing to Australia's unpreparedness in the global market?

• Excessive reliance on technology

• Lack of cultural understanding and language skills

• High export levels

• Strong international comparisons

What percentage of Australia's economy is based on services, as mentioned in the second section?

• 80%

• 50%

• 60%

• 70%

What is one suggested solution to improve Australia's global business viability mentioned in the final section?

• Increasing diversity on boards

• Reducing service exports

• Ignoring multicultural individuals

• Focusing solely on mining

What is the potential consequence if Australia does not act soon, as discussed in the final section?

• Australia will be left behind and struggle to be viable

• Australia will become a global powerhouse

• Australia will dominate the Asian market

• Australia will have an economic surplus