9 October 2008
World Economic Forum's Global Competitiveness Report
The Minister for Trade, Simon Crean, has welcomed the World Economic Forum’s (WEF) Global Competitiveness Report, released overnight in Geneva.
The report ranks Australia the 18th most competitive economy in the world in 2008-09, improving its ranking from 19th in 2007-08.
“This report is a timely reminder of the underlying strength of the Australian economy and its institutions” said Mr Crean.
“However there is room to do more.”
“I note that the WEF report points to some areas where Australia can improve its overall competitiveness. For example, Australia is ranked 25th for the overall quality of infrastructure and 85th in terms of the burden of government regulation.”
“The Rudd Government is committed to lifting productivity and competitiveness by investing in infrastructure, education and innovation, and reducing the burden of red tape on business.”
“We have already laid the foundations for a transformation. Given the importance of trade to our economic prosperity, it will be critical that our domestic policies are seen through the prism of enhancing our international competitiveness” said Mr Crean.
"For instance, as announced earlier this week by the Prime Minister, the guidelines that Infrastructure Australia will use to select projects for the nation’s Infrastructure Priority List include the need to strengthen Australia’s international competitiveness."
“In the area of trade policy, the recent Mortimer Review of Export Policies and Programs provides a basis to refocus our efforts and to help lay the foundation for our future prosperity.”
“We will seek to ensure net exports once again make a positive contribution to economic growth, because this is what boosts our economic prosperity. This is what lifts our standard of living. This is what creates jobs – higher paying, more skilled and more sustainable jobs” said Mr Crean.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555