05 Oct 2017
This week’s readings include the 2017 Global Competitiveness Index (Australia is ranked 21st) and a report comparing entrepreneurship across OECD countries.
- The latest World Economic Forum (WEF) Global Competitiveness Index ranks 137 economies by their ability to sustain inclusive growth that ‘delivers positive change and benefits citizens and the environment’. Switzerland, United States and Singapore top the WEF list of most competitive countries and Australia is ranked 21st.
- Australia’s economic experience in the past decade has differed significantly from most advanced economies - output and employment growth have been sustained and our financial system has been resilient. (Treasury)
- The OECD’s Entrepreneurship at a Glance 2017 shows that entrepreneurial activity appears to be recovering and the number of new businesses created has been rising in most OECD countries. Australia performs well for new business creation.
- Demography is shifting the balance of power in Asia, according to Deloittes. While much of East Asia ages, India, Indonesia and the Philippines will be on a ‘demographic updraft’ with India supplying more than half of the increase in Asia’s potential workforce over the coming decade. Business opportunities from regional ageing extend beyond healthcare to consumer goods for the elderly, age-appropriate housing and social infrastructure, as well as asset management and insurance.
- PwC’s Once in a Lifetime report found 31 per cent of private and family businesses plan on selling, compared to a global average of 17 per cent. Australia's private and family business sector plays a fundamental role in Australia's economy and society and as the custodians of these businesses reach retirement age, ensuring the ongoing success of these businesses is crucial to Australia's prosperity.
- Starting with an overview by Stephen Grenville, Lowy Interpreter debates Andrew Leigh’s Choosing Openness: Why Global Engagement is best for Australia.
- The newly released National Aquaculture Strategy details the actions government and industry need to take to double the current value of Australia’s aquaculture industry to $2 billion a year by 2027.
- Boeing Australia releases an Economic Impact Summary stating it contributed $1.3bn to Australian GDP in 2016.