Business efficiency

Australia has a strong, stable and internationally competitive business sector. 

The IMD World Competitiveness Yearbook 2013 rated Australia's business efficiency as the 17th best in the world, and sixth for countries with populations greater than 20 million. 

The business efficiency factor is designed to measure the extent to which the national environment encourages enterprises to perform in an innovative, profitable and responsible manner.

Based on the assessment of nationals and expatriates participating in the executive opinion survey, Australia's business sector has particular strengths in oversight, ethics and values, health, safety and environmental concerns, productivity and efficiency, attracting highly skilled people, stock market efficiency, finance management and financial sector regulation. 

Australia's business environment provides companies with a strong foundation to compete internationally.

On the IMD's overall competitiveness scoreboard (which measures economic performance, business efficiency, government efficiency and infrastructure), Australia ranked sixth for those countries with populations greater than 20 million, and 16th in the world.

Business efficiency, global rankings, 2013
Country Productivity in industry1 Finance and banking regulation2 Stock markets3 Ethical practices4 Corporate boards5
United States 7 31 6 16 23
Hong Kong SAR 35 4 1 24 14
Malaysia 44 8 13 20 7
Singapore 20 3 8 17 1
Taiwan 28 22 4 22 4
Germany 15 48 14 11 32
Australia621043
Thailand 52 7 2 25 11
Philippines 57 13 16 26 13
Japan 22 30 22 8 39
United Kingdom 19 41 20 13 34
China 55 46 39 27 24
New Zealand 26 14 36 14 31
Indonesia 56 23 18 45 18
India 59 26 11 37 27
Korea 13 43 28 48 57
France 23 40 35 21 52

 

Business Efficiency, Global Rankings, 2013 (cont'd)
Country Auditing and accounting practices6 Foreign high-skilled people7 Attitudes toward globalisation8 Overall ranking on business efficiency9
United States 15 3 31 1
Hong Kong SAR 17 5 2 2
Malaysia 14 16 5 4
Singapore 7 4 8 8
Taiwan 16 37 12 10
Germany 12 26 24 15
Australia961117
Thailand 33 19 15 18
Philippines 32 30 21 19
Japan 34 48 30 21
United Kingdom 29 8 29 23
China 54 24 25 25
New Zealand 18 18 41 27
Indonesia 38 23 27 31
India 41 35 20 32
Korea 58 31 18 34
France 28 39 59 42

Footnotes:

Rankings out of 60 national economies

  1. Measured by 2012 GDP (at purchasing power parity) per person employed in industry, US$.  Data for the United Kingdom, India, China and Japan are for 2011
  2. Finance and banking regulation is sufficiently adequate
  3. Stock markets provide adequate financing to companies
  4. Ethical practices are implemented in companies
  5. Corporate boards supervise the management of companies effectively
  6. Auditing and accounting practices are adequately implemented in business
  7. Foreign high-skilled people are attracted to your country's business environment
  8. Attitudes toward globalisation are generally positive in your society
  9. Based on 71 separate criteria included in the Business Efficiency Competitiveness

Source: The IMD World Competitiveness Yearbook, 2013, Switzerland, www.imd.ch/wcy.