Rankings show Australia more globally competitive than ever
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9 September 2009
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New data shows Australia has become more globally competitive over the last year, despite the global financial crisis, with macroeconomic stability cited as a key factor.
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Australia improved by three positions overall in the World Economic Forum’s (WEF) Global Competitiveness Index for 2009-2010, to come in 15th – ahead of France and Italy.
Competitiveness indicators for the survey, which covers 130 countries, include business sophistication, education and training, financial market sophistication, infrastructure, innovation, labour market efficiency, market size, and technological readiness.
The report highlighted Australia’s improvement in the financial markets pillar by two places to be ranked fourth worldwide, and noted trustworthiness and confidence in the banking system remain essentially intact, also ranked 4th globally.
It also reported that Australia remains a prime location for doing business with efficient goods markets and flexible labour markets (both ranked 9th), and excellent public (14th) and private (9th) institutions.
Heather Ridout, CEO of the Australian Industry Group, a partner institute of the WEF program, said that Australia’s rise in competitiveness ranking “was underpinned by an improvement in our relative macroeconomic stability (up 10 positions to 18th) and our high level of financial market sophistication.
“These areas have together provided the support necessary for Australia to negotiate its way through the global economic downturn,” Ms Ridout said.
Australia has also improved its standing in the 2009 World Risk Survey, which goes to mining, oil and gas executives worldwide and covers areas of risk such as natural disasters, civil unrest and labour relations.
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