What are some key differences in government business relations between
Japan and Australia. Benefits of foreign ownership.

Dear tnargak, 

This is a very wide question. However, there is a difference between
government-business relations in Japan, and that in Australia.

The Japanese example of government-business relations is a text-book
example of a policy preventing competition against the national
industries. The Japanese government is highly protective when it comes
to Japanese businesses. Economic stabilisation policies: demand
management, not direct intervention.

In Australia, the government is not so protective. However, given the
situation of some businesses in Australia, the government addresses
market failures.

see more: http://ecocomm.anu.edu.au/BUSN2027/DMB%20Lecture%2023%20Government.pdf