In 2012, the IMD World Competitiveness Yearbook ranked Australia 14th in the world for government efficiency, or the extent to which government policies are conducive to competitiveness.
Australia was ranked:
- 1st for the fairness of its justice system
- 8th for personal security and property rights
- 10th for the legal and regulatory framework
Australia has a strong regulatory management system. In its OECD Reviews of Regulatory Reform: Australia, 2010 report, the OECD assessed it to be one of the most rigorous and comprehensive of all member countries.
Australia's current regulatory reform agenda centres on building a seamless national economy, with reforms aimed at harmonising regulations across jurisdictions in order to increase productivity and reduce business costs.
The Council of Australian Governments (COAG) is working towards this goal, and it is estimated that full implementation could provide cost reductions to business of around $4 billion per year.
The New South Wales Government is supporting its commitments to COAG by implementing a comprehensive regulatory reform agenda which aims to address unnecessary or poorly designed regulation, reduce compliance costs on business, and remove restrictions on competition.
In 2011, 152 regulations were removed while only 14 new regulations were added, which was expected to save the state's businesses and taxpayers more than $233 million in 2012.
Over the past 30 years, the emphasis of national government policy has been on making Australia more internationally competitive and globally integrated, and better able to withstand external shocks.
The series of macro-economic and micro-economic reforms introduced over this period has led to significant productivity gains and produced robust and competitive markets including:
- Moving to a flexible exchange rate regime
- Deregulating financial, communications and energy markets
- Reducing tariffs
- Reforming labour market and taxation
|Bribing and corruption3|| Personal|
|Hong Kong SAR||14||9||13||7|
| Legal and|
|Protectionism7||Overall ranking on government efficiency8|
|Hong Kong SAR||6||1||3||1|
Rankings out of 59 national economies
- Justice is fairly administered
- Tax evasion is being adequately addressed
- Bribing and corruption do not exist
- Personal security and private property rights are adequately protected
- State ownership of enterprises is not a threat to business activities
- Legal and regulatory framework encourages the competitiveness of enterprises
- Protectionism does not impair the conduct of your business
- Based on 70 separate criteria included in the Government Efficiency Competitiveness Factor
Source: The IMD World Competitiveness Yearbook, 2012, Switzerland, www.imd.ch/wcy