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Australia improves in global competitiveness

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Australia is ranked 15th in the world for global competitiveness, according to the 2009/10 World Economic Forum (WEF) Global Competitiveness Index, moving up three places since the last index was released. The lift in the rankings came from a comparative improvement in macroeconomic stability and our high level of financial market sophistication, said Heather Ridout, CEO of Australian Industry Group. "The efficiency of Australia’s goods and labour markets continued to provide the country with a significant competitive advantage," she added. However, Australia underperformed in key areas of business sophistication, including quality of business networks, processes and supply chains, and was lowly ranked for port infrastructure, which Ridout said "is of major concern for an island continent so dependent on global trade". The index took into account the competitive conditions of more than 130 countries, compiled through public data and an Executive Opinion Survey conducted via business associations worldwide. Download the full report at the WEF website

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