Australia still a great place to do business

  • Media release

The Morrison Government’s health and economic response to COVID-19 has put Australia’s recovery among the world’s leading nations, according to an analysis of global data.

The 2021 Why Australia Benchmark Report, produced by the Australian Trade and Investment Commission (Austrade) and released today, compiles key economic, financial, social and demographic data from respected national and international sources.

The report demonstrates Australia is recovering well from COVID-19 highlighting its attractiveness as a destination for global investment and trade.

Report highlights include:

  • Australia punches above its weight economically, accounting for 1.6 per cent of the global economy even though it’s home to just 0.3 per cent of the world’s population.
  • The trade balance is at a record high, underpinned by strong goods export growth.
  • Financial markets are deep, liquid and sophisticated, Australia is home to the world’s eighth-largest pool of managed funds and ninth-largest stock market (by market capitalisation of freely floating stocks). The foreign exchange and debt markets are both ranked tenth in the world.
  • Almost half (47 per cent) of Australia’s workforce has a tertiary qualification.
  • Australia is ranked #1 in the world for technological readiness; #4 for ease of doing business in countries with a population of more than 20m; #6 for global entrepreneurship; #7 for spending on education institutions as a proportion of GDP; and, #8 on the Human Development Index, a measure of literacy and education.

Minister for Trade, Tourism and Investment Dan Tehan said Australia welcomed foreign investment and trade because it created jobs and opportunities for Australians.

“Our Government’s trade policy is about creating Australian jobs, boosting export opportunities and ensuring an open region with even stronger supply chains,” Mr Tehan said. “The data contained in this report demonstrates the resilience of the Australian economy and the strength of our economic and health response to COVID-19 that cements our position as a world-leading destination for investment.”

The full report is at http://www.austrade.gov.au/benchmark-report.

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