Yeah, what without wings said, but also, I can brief you on what you need to know...
1. Globalisation - characterised by trade liberalisation and exposure to global capital/financial markets. Just this should tell you that every category in the Balance of Payments will be affected. Access to G&S from economies with comparative advantages could mean a lower outflow of funds because of competitive prices, but then again, could be negatively influenced by the exchange rates involved. On the other hand, broadening of Australia's G&S market due to the presence of an external consumer base can offset the outflow with an increased inflow of foreign funds (would probably apply largely to industries in which Australia is the most efficient). Dude, because the global economic environment experiences so much variation, you should ask your teacher what "year" or "decade" your answer is supposed to draw from. Impacts were different 10 years ago to what they are now.
2. Increased FDI and portfolio investment will increase the Cap. and Fin. Account surplus, but reduce the CAD, as these forms of investment need to be serviced (read up on the "debt trap").
3. I could go on for awhile about each feature of the Balance of Payments and its response to activity on the global scale, but it'll be just as easy, and more worthwhile, for you to apply the same principles of "cause and effect" to your own preparatory measures. By the look of it, you drew a pretty healthy essay question. It should be easy so just relax, but make certain you're well prepared. Is it in class?
4. Last point on government incentives to improve global competitiveness - again, it'll depend on the areas of production demanding the most attention at the given time, but, generally speaking, subsidies are one of the public sector's strongest tools to this particular end, enabling prices to be lowered due to lower real production expenses and achievement of economies of scale, but having detrimental effects in the long term should the industry become dependent upon the transfer payments for survival. Then, of course, you have export incentive programs orchestrated by the government, but, also, trade liberalisation measures which expose industries to foreign sources of investment, allowing for capital widening and, possibly deepening, and more efficient production processes at the microeconomic level.
