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.
|Country||Productivity in industry1||Finance and banking regulation2||Stock markets3||Ethical practices4||Corporate boards5|
|Hong Kong SAR||35||4||1||24||14|
|Country||Auditing and accounting practices6||Foreign high-skilled people7||Attitudes toward globalisation8||Overall ranking on business efficiency9|
|Hong Kong SAR||17||5||2||2|
Rankings out of 60 national economies
- 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
- Finance and banking regulation is sufficiently adequate
- Stock markets provide adequate financing to companies
- Ethical practices are implemented in companies
- Corporate boards supervise the management of companies effectively
- Auditing and accounting practices are adequately implemented in business
- Foreign high-skilled people are attracted to your country's business environment
- Attitudes toward globalisation are generally positive in your society
- Based on 71 separate criteria included in the Business Efficiency Competitiveness
Source: The IMD World Competitiveness Yearbook, 2013, Switzerland, www.imd.ch/wcy.