Australia increases global competitiveness ranking

9 September 2009

Australia’s ranking in global competitiveness has improved over the last year.

The World Economic Forum’s (WEF) Global Competitiveness Index for 2009-2010 covered over 130 countries.

Australia’s new ranking – at 15th – puts it ahead of European countries such as France and Italy.

Australia performed particularly well in the financial  market sophistication category, contributing to this strong overall performance.

Competitiveness indicators looked at in the survey included a country’s business sophistication, education and training, financial market sophistication, infrastructure, innovation, labour market efficiency, market size, and technological readiness.

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.