Compared to Indonesia, Australia has a higher score, both in the Global Entrepreneurship Index (GEI), which measures the health of the business ecosystem and in the Ease of Doing Business (EODB), which measures the ease of doing business in a country. This condition indicates that Australia has a climate that is more supportive for the growth of this sector. However, in reality, the number of startups and unicorns in Indonesia can surpass those in Australia. For this reason, this research aims to analyze other factors that can influence the business ecosystem and sector growth by comparing conditions in the two countries. It is hoped that the results of this research will be able to explain the growth of companies in Indonesia and Australia from the perspective of fundamental analysis in companies. The benefit of this research is to make a scientific contribution to the science of financial accounting and solve problems for companies in predicting bankruptcy. The output of the targeted research is publication in international journals