Figure 22: Australian corporate governance compared to major trading partners 2017 22
Australia Industry Activity Comparison to Major Trading Partners 2017 (Relative Index; Lower Number is Better)
120
Australia
Singapore
Korea
Malaysia
Indonesia
Japan
Taiwan
China
100
80
60
40
20
0
Source: World Economic Forum
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The corporate governance comparison to major trading partners (Figure 22) highlights that Australia performs adequately across most categories although there is room for improvement. The Global Competitiveness Report 2016-17 , 53 prepared by the World Economic Forum, is considered an objective review of the foundations of a country’s efficiencies and sophistication. Australia’s performance is consistent with strengths in health, education, training and financial development. However, although Australia has made gains in the labour market in recent years, Australia continues to lose competitiveness in innovation and business sophistication. As Australia is considered to be an innovation-driven economy, the importance of being more involved in new economy products (as opposed to just supplying materials) cannot be overstated. As 53 Schwab, K (2016), The Global Competitiveness Report 2016–2017, World Economic Forum, http://www3.weforum. org/docs/GCR2016-2017/05FullReport/ TheGlobalCompetitivenessReport2016-2017_FINAL. pdf . (Accessed: 01 May 2018)
“WA has plenty of domestic gas. It is affordable and at competitive prices in huge contrast to the east coast. This is an underplayed story that WA has a stable energy market for business development. It is a massive advantage for WA to offer affordable, long term gas/energy contracts to international manufacturing companies." Mark Pownall – CEO WA Business. Mark My Words - 5 May 2018 – Soundcloud
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