Just as England was known as “the land without music” in Europe early last century, so Australia is on track to being known as the land without competitiveness in Asia this century.
Eight of Australia’s top 10 trading partners on a two-way basis (exports plus imports) are Asia-Pacific countries. In order of importance they are China, Japan, the US, South Korea, Singapore, New Zealand, Malaysia and Thailand. All these economies, except China, outperform Australia in the World Economic Forum’s latest Global Competitiveness Index rankings, as do Australia’s only two European top 10 trading partners, Britain and Germany. The areas where Australia ranks worst are the macro-economic environment, including the budgetary position, and goods and labour market efficiency.
The biggest competitiveness gap between Australia, ranked 21 on the WEF measure, and any of its top 10 trading partners is with Singapore, ranked second in the world for competitiveness after Switzerland. Because of its small size, dependence on trade, high living standards and cosmopolitan nature, Singapore is considered, not surprisingly, “the Switzerland of the East”. It is also the second safest city in the world to live in, after Tokyo, according to The Economist. Singapore is the most open economy in the world and is first globally in the World Bank’s ease of doing business index, as against Australia’s 13th rank.
Its literacy and numeracy standards are world-beating at primary and secondary level, and at tertiary level the National University of Singapore easily outranks any Australian university in world league tables. Its second university, Nanyang Technological University, regularly ranks first or second annually in the world’s best universities under 50 years old.
To read the full “There is much for Australia to admire about neighbour Singapore” article by Griffith Asia Institute APEC Study Centre Director, Professor Tony Makin, please visit The Australian.
