In what will be a disappointment to the government, Australia has slipped behind its ‘little cousin’ New Zealand in global competitiveness. The slide, which started in 2009, follows continued declines in skills investment and leading-edge technology, and a lack of new spending on transport and other infrastructure. Prime Minister Tony AbbottThe Hon. Tony Abbott MP Federal Member for Warringah Prime Minister from 18.9.13 to 15.9.15 has repeatedly declared his desire to be known as an ‘infrastructure Prime Minister’.
Australia’s global competitiveness has slumped to the worst ranking in at least 18 years, slipping behind New Zealand, as business criticised the Abbott government’s failure to kick-start a fresh wave of infrastructure spending.
In a damning report done for the Switzerland-based IMD World Competitiveness Yearbook, the nation’s ranking slipped to 18 from 17 a year ago. The deterioration continues a six-year slide that started in 2009, when Australia was ranked five.
For the first time in 18 years, New Zealand has jumped ahead of Australia, moving to 17 from 20, the IMD report shows.
Among the biggest concerns raised by Australian businesses surveyed for the IMD rankings by the Committee for Economic Development of Australia are the fresh declines in investment in skills and leading-edge technology, and a lack of new spending on transport and other infrastructure. Via afr.com
As part of its ranking of 61 economies for 2015, the IMD World Competitiveness Center looks at several aspects of each country as a place to conduct business.