Key Legal & Government Regulations and Business Environments

A series of vocabulary flashcards covering legal requirements, economic cycles, and the environments in which Australian businesses operate.

ASIC

The government body through which Australian business owners should register a business name.

ABN

Australian Business Number.

GST

Goods and services tax.

TFN

Tax file number.

PAYG

Pay as you go taxation.

Liquor license – RED LINE PLAN

A specific license and associated plan required for businesses to serve alcohol.

RSA

Responsible Service of Alcohol.

OH&S (Occupational Health & Safety)

Laws designed to keep workplaces safe in Victoria, requiring employers to provide safe equipment and proper training.

CCA (Competition and Consumer Act 2010)

A law that ensures business fairness and covers product labelling, industry regulation, stakeholder dealings, and consumer rights for warranties and refunds.

Environmental laws

Rules enforced by federal, state, and local governments to protect the environment, covering waste disposal, noise control, and water pollution.

Society

A diverse community of people living within a similar area.

Beliefs

What people think is right or wrong, which influences how businesses must adapt their practices to align with changing values.

Expansion

A phase of the business cycle where sales and profits are rising and unemployment is falling.

Contraction

A phase of the business cycle characterized by decreasing consumer spending and business investment.

Peaks

The stage of the business cycle where wages, salaries, sales, and profits are at their highest levels.

Troughs

A period in the business cycle marked by high levels of unemployment and low wages/salaries.

Interest rates

The cost of borrowing for a business; lower rates typically increase borrowing and consumer spending.

Company Tax Rate

The taxation rate for businesses set up as companies, which is $30$ per cent for most companies.

Consumer confidence

The measure of consumer belief in job security and the future outlook of the economy.

Offshoring

The practice of moving business processes or services to another business located in an overseas country to take advantage of lower costs.

Patent

A right granted for any device, substance, method, or process that is new, inventive, and useful.

Corporate Social Responsibility (CSR)

When a business goes beyond its legal obligations to consider the wellbeing of employees, customers, suppliers, the community, and the environment.

Triple Bottom Line

A framework for measuring CSR success across three areas: Society, Environmental, and Economic.

Macro Environment

External factors over which a business has no control, such as laws, social trends, attitudes, and technological issues.

Operating Environment

External groups or people that affect a business's success and over which the business has some control (e.g., customers and competitors).

Competitors

Other businesses that sell similar products or services.

Suppliers

Entities that provide resources a business needs to operate, such as materials, machinery, finance, and information.

Supply Chain

The system of steps from raw materials to the final product, consisting of inputs, process, and outputs.

Inputs

The resources needed to create a product, such as steel, wheels, and engines for a car.

Process

The stage of the supply chain involving the assembly of parts using time, labour, and money.

Output

The final stage where the customer receives the product through transport, sales, and delivery.

Special interest groups

External groups that attempt to influence business policies or procedures regarding ethical and responsible behavior.

Unions

Organizations that represent workers and negotiate with management on issues such as wages, working hours, and safety.