26 June 2024

Australia’s competitiveness hits 13-year high

Australia rose to 13th from 19th place out of 67 nations for competitiveness, according to the Swiss-based IMD World Competitiveness Yearbook 2024. It was Australia’s highest ranking in 13 years.

The improved ranking is the result of Australia’s stronger business and government investment, population growth and budget positions. Australia’s stable economy, transparent regulations and global business ties provide a secure and thriving environment for investors.  

Singapore, Switzerland and Denmark were ranked the world’s top three most competitive economies respectively. While the United States was ranked 12th (down three places), the United Kingdom, France and Japan were outside the top 20.

The World Competitiveness Ranking measures economies, regions and sub-regions based on how they optimise their individual competencies to achieve long-term value for their people. The ranking examines economic performance, business efficiency, government efficiency and infrastructure.

Top 10 for economic performance

Australia’s overall economic performance improved from 10th to 7th.

Australia’s competitiveness in international investment was ranked in the global top five. The high ranking reflected the country’s strong performance in both inbound and outbound investment.

Strong international trade, high commodity prices and a comparatively healthy local economy have also helped drive this rebound in Australia’s competitiveness.

Australia was ranked highly for:

  • government efficiency (13th in the world)
  • infrastructure (18th in the world)
  • business efficiency (22nd in the world).

Read more about Australia’s competitiveness profile [PDF, 440KB] in the IMD’s World Competitiveness Yearbook 2024.

A man in a suit is holding a tablet with a futuristic display of economic charts displayed above.


A top investment destination

Australia has long been a top destination for investment, thanks to a resilient economy, a skilled workforce, and stable and transparent regulatory frameworks. Strong business ties with Asian markets make Australia a natural springboard into the fast-growing region.

In green energy and critical minerals, Australia is a global leader – and intends to capitalise on its natural advantages to become a renewable energy superpower. In its 2024–25 Budget, the Australian Government committed A$22.7 billion over 10 years to a Future Made in Australia plan. The plan maximises the economic and industrial benefits of the move to net zero and secures Australia’s place in a changing global economic and strategic landscape.

There are significant opportunities for investors through the plan. It includes initiatives to accelerate investment in renewable hydrogen, critical minerals processing, green metals, low-carbon liquid fuels, and clean energy manufacturing.  

New incentive programs are coupled with streamlined processes and reforms to the enabling environment, to make it simpler and faster to invest in Australia.

Find out more about investing in Australia.

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