Australia is continuing to lose its competitive edge in the
global economy, strangled by government red tape.
Australia dropped one place in the latest World Economic
Forum's Global Competitiveness Index to 22nd, continuing a
downward trend since 2009/10 when it was ranked 15th.
Australia Industry Group chief executive Innes Willox said
more of Australia's competitors were "leap-frogging" the
The most telling result was the burden of government
regulation, which had now tumbled to 124th from 60th in
2010/11, he said.
The report reinforces calls from the business community for
greater urgency to be injected into building domestic
productivity and competitiveness.
That was particularly the case with industrial relations with
restrictive labour regulations identified as the most
significant impediment to doing business in Australia, Mr
World Economic Forum Global Competitiveness Index 2014/15
1 (1) Switzerland
2 (2) Singapore
3 (5) United States
4 (3) Finland
5 (4) Germany
17 (18) New Zealand
22 (21) Australia