Australia 15th in world competitiveness

Australia's competitiveness ranking has improved three places in the past year,
thanks to its macroeconomic stability and sophisticated financial markets, to 15th
in the world.
The World Economic Forum's (WEF) Global Competitiveness Index for 2009/10, which
surveys 133 nations, puts Australia ahead of other developed countries such as
France, Belgium, Austria, New Zealand and Italy.
The Australian Industry Group (Ai Group), a partner institute of the WEF's Global
Competitiveness Program, said Australia's improved position to 15 from 18 was
underpinned by an improvement in its relative macroeconomic stability.
Australia's macroeconomic stability - one of the "12 pillars" that make up the index
- rose 10 positions to 18.
Australia's ranking in financial market sophistication also rose two positions to be
fourth highest in the world.
"These areas have together provided the support necessary for Australia to negotiate
its way through the global economic downturn," Ai Group's chief executive Heather
Ridout said.
The country's efficiency in goods and labour markets were both ranked ninth.
But Australia continued to underperform in key areas of business sophistication with
a ranking of 26, infrastructure (25), innovation (20), and technological readiness
(20).
"The relatively poor ranking in the 'pillar' of infrastructure - which slipped four
positions from 21st in 2008/09 - underlines the importance of the commitments by
state and federal governments to increase investment in economic and social
infrastructure," Ms Ridout said.
"The low ranking Australia receives for the quality of our port infrastructure -
50th - is of major concern for an island continent so dependent on global trade."
Switzerland was ranked first in the index, followed by the United States, Singapore
and Sweden.