(Australian Associated Press)
Australia has improved its global competitiveness, ending four years of decline.
The World Economic Forum’s global competitiveness report for 2015/16 shows Australia improved by one notch to be 21st in its latest global rankings, but remains well behind the top three countries of Switzerland, Singapore and the US.
New Zealand ranked higher at 16th, also one position higher than in 2014/15.
Australian Industry Group’s head Innes Willox says there are a number of key areas – such as labour market efficiency – that continue to hinder Australia’s growth and leaves it behind some key global competitors.
“This WEF report underlines the importance of Canberra’s new focus on shifting the policy discussion in Australia towards improving our workplace relations, taxation and innovation performance.
TOP COMPETITIVENESS RANKINGS 2015/16 (2014/15)
1 Switzerland (1)
2 Singapore (2)
3 United States (3)
4 Germany (5)
5 Netherlands (8)
6 Japan (6)
7 Hong Kong (7)
8 Finland (4)
9 Sweden (10)
10 United Kingdom (9)
16 New Zealand (17)
21 Australia (22)
AUSTRALIA’S COMPETITIVE STRENGTHS:
* Financial Market Development (ranked 7th)
* Higher Education and Training (ranked 8th)
* Health and Primary Education (ranked 9th)
* Labour Market Efficiency (ranked 36th)
* Macroeconomic Environment (ranked 28th)
* Goods Market Efficiency (ranked 27th)
* Innovation and sophistication factors (ranked 26th)