Five innovative ways Australian businesses can build their economic resilience

It’s never been more important for Aussie exporters to build economic resilience into their business. Martin Moseley, Superintendent of the Australian Trusted Trader Program, provides some advice.

The ability to deliver goods consistently within a secure supply chain, regardless of market ups and downs, is one of the most important aspects of efficient trade.

This is the cornerstone of economic resilience – or the capacity of businesses to withstand or recover quickly from market stress and strain.

So how do Aussie exporters build economic resilience and security? Martin Moseley, Superintendent of the Australian Trusted Trader Program, shares his top tips.

Become a Trusted Trader

The Australian Trusted Trader (ATT) program is an internationally recognised Authorized Economic Operator program, administered by the Australian Border Force. The program has gone from strength to strength since being introduced in 2016.

The ATT program is free to join. It assesses supply chain security and trade compliance, and works in partnership with Australian businesses.

‘Accredited Trusted Traders have access to a range of benefits that reduce red tape and expedite the flow of their cargo, both in Australia and partner countries,’ says Moseley.

This allows exporters to deepen trade relationships in more markets much faster, building their economic resilience and security.

Know your supply chain 

Moseley advises businesses to focus on their supply chain.

‘So many businesses fail to understand their supply chain. When things change, or something goes wrong, their entire business becomes vulnerable,’ says Moseley.

The more you know your supply chain, the more secure and resilient it will be. Understanding where the supply chain is vulnerable helps you mitigate risk and improve resilience.

‘We work with hundreds of businesses and have assessed businesses that are completely vulnerable to exploitation. That can have a devastating impact,’ says Moseley.

‘The ATT program helps build the capability of our Trusted Traders, to create more resilient, secure and compliant supply chains.’

Seek out strong partners

International business is complex. Deepening relationships with competent partners reduce your risk exposure. 

‘Do not select your partners on price,’ advises Moseley. ‘Do your due diligence and work with the best, not the cheapest.’

Know the ABCs of MRAs

Mutual Recognition Arrangements (MRAs) are a benefit exclusive to accredited Trusted Trader exporters.

‘MRAs mean that Trusted Trader exporters are recognised by our partner countries,’ says Moseley. ‘This means faster processing times for the shipments going into those countries.’

Australia has signed MRAs with 9 countries, including Canada, China, Hong Kong, Japan, Korea, New Zealand, Singapore, Taiwan and Thailand.

Strive for more

Finally, don’t rest on your laurels. A thriving export business is one that is always reflecting on what it can be doing better, what it can be doing more of, and what might not be working any more.

‘Things can always be done better,’ says Moseley. Make continuous improvement a focus of your business – be sure to include everything from your operations to your product, marketing, distribution and more. 

Images courtesy of Australian Trusted Trader, from left to right: Superintendent Martin Moseley delivers the opening address at the 2023 Australian Trusted Trader Symposium; ABF Account Manager engages with an accredited trader at the 2023 Australian Trusted Trader Symposium; ABF Validator inspects the product line of a Trusted Trader applicant during a site visit.