Globalisation is not a new concept and it has long been considered as a prevalent public discussion issue in the world. Along with the development of standard life quality in most societies, globalisation which is the process of the intensification of economic, political, social and cultural relations across global boundaries has significantly increased in the world. Friedman (2000), in his perceptive book about the trend of globalisation, indicates a metaphorical comparison between the luxurious car, Lexus and a very ordinary image, the olive tree. Through this obviously illustrative comparison, he showed the relationships between a Lexus car and an olive tree, between agricultural-based nations and well-developed nations, between international corporations and global consumers. On the other hand, it is a fact that global integration involves not only developing and third world countries but also high income nations such as the United States, the United Kingdom, Japan and Australia. As a result of the growing extension of globalisation over the last 20 years, Australia has recently been engaged in trade, investment, financial flows, technology transfers and the migration of labour – one of major sources of employment in Australia – due to its foundation as a colony (Stokes 2002). The major purpose of this research, therefore, is to assess the rationale and drivers of globalisation during the last two decades by specific illustrations in operation. In addition, it also analyses the advantages and disadvantages in which globalisation affects Australian economy and eventually conclude the overall impact of globalisation on Australia.
However, it has always been a contentious question that what are the fundamental reasons made people chose globalisation as an effective way to enhance the economy and what is actually going behind the purpose of integrating to the world economy. Over the last 20 years, there is no doubt to say that globalisation allows integrated...