Australian ranking down in global competitiveness report

The World Economic Forum Global Competitiveness Report has seen Australia’s ranking fall four places to 20th.

Switzerland retained its number one ranking, with its cited strengths including an efficient labour market, business confidence and innovation.

The Australian Industry Group’s Innes Willox said the report highlighted concerns around certain areas.

“The ranking is unchanged from last year. Among the issues revealed by the survey data were heightened business concerns about deteriorating workplace relations and inefficient government bureaucracies,” said Willox.

“It is concerning that a number of competitiveness indicators have fallen in recent years and are now well below OECD averages.”

Australian Manufacturing notes that Australia has seen drops in ranking for labour market efficiency from the 2010-11 survey in labour market efficiency (down from 13th place to 42nd), taxation system effectiveness (123rd, down from 110th) and procurement of advanced technology products (58th, down from 37th).

Australia was strong in terms of secondary education enrolment rates (1st), soundness of its banks (5th) and intensity of local competition (6th).

Ai Group is a Partner Institute of the World Economic Forum’s Global Competitiveness Network.