none

Australia ‘losing competitive edge’

31-08-2010
by 
in 
Australia ‘losing competitive edge’

Australia has ranked 21st in the latest Global Competitiveness Report, down one place from last year.

Produced by the World Economic Forum (WEF), the report found Australia stacks up well in terms of its infrastructure and education system.

But the Report highlights a “further slippage” in Australia’s international cost competitiveness,” Ai Group Chief Executive, Innes Willox, said. 

“Out of 148 countries, Australia’s labour market efficiency ranking has slipped from 13th in 2011-12 to 54th in 2013-14,” Mr Willox said.

When asked to select the five most problematic areas for doing business in Australia, 17.3 percent of respondents saw restrictive labour regulations as the top difficulty.

The report shows Australia has slipped to:

  • 135th for the flexibility of our wage determination, down from 123rd last year and from 110th in 2010-11.
  • 128th for the burden of government regulation, down from 96th last year and from 60th in 2010-11.
  • 113th for pay and productivity, down from 80th last year and 53rd in 2010-11 and
  • 109th for the total tax rate, down from 106th last year and 94th in 2010-11.

"These results highlight the high cost of doing business in Australia and the pressing need to improve key areas including industrial relations, business regulation and company tax in order to lift our international competitiveness,” Mr Willox said. 

However, the survey found Australia continues to be a world leader in a number of key areas, including:

  • First for secondary education enrolment rates
  • First in the legal rights index
  • Second for the number of days to start a business
  • Third for the number of procedures to start a business and
  • Eighth for the quality of our scientific research institutions.

Australian Industry Group is a Partner Institute of the World Economic Forum’s Global Competitiveness Network and is responsible for carrying out the Forum’s Executive Opinion Survey in Australia. 

The full Global Competitiveness Report 2012-2013 can be found at:

http://www.weforum.org/issues/global-competitiveness

Related news & editorials

  1. 18.10.2018
    18.10.2018
    by      In
    Amidst global concern about plastic waste in the world’s oceans, it is rather ironic that it is a soft drinks company that is actually doing something about the problem. SodaStream International, which has always taken a different approach to the soft drinks market, is now taking a different... Read More
  2. 16.10.2018
    16.10.2018
    by      In
    The Government has unveiled a $5 million scheme to encourage high-quality graduate engineers to work in Australia’s automotive sector. The Automotive Engineering Graduate Programme aims to increase the level of advanced engineering skills in the sector and is part of the $100 million Advanced... Read More
  3. 15.10.2018
    15.10.2018
    by      In
    Industry Update is delighted to announce that we are expanding our video offerings with a new series of tutorial style videos that perfectly complement our existing library of news style videos.
    In the first series, we are partnering with sensor specialist VEGA to publish eight playlists of videos... Read More
  4. 15.10.2018
    15.10.2018
    by      In
    Kennards Hire is certainly “doing its bit” to help Australia’s drought stricken farmers and their families. The work began with the Kennards branch network throwing itself behind the Buy a Bale initiative, and is now continuing with a key role in the Mega Farm Rescue.
    Kennards Hire team members... Read More