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Australia's global competitiveness has plummeted to the worst level in at least 18 years, and it is not even as good as New Zealand. The business community criticized the Albert government for failing to initiate a new wave of infrastructure investment.

According to a report by the Swiss-based IMD World Competitiveness Yearbook, Australia’s international competitiveness ranking has fallen from 17 last year to 18. Australia’s ranking has declined for six consecutive years since 2009. Ranked fifth.

This is the first time New Zealand has surpassed Australia in 18 years, and its ranking has risen from 20 to 17.

Among the concerns raised by Australian companies interviewed by IMD, the most important are the reduction in investment in technical talent and cutting-edge technology, and the lack of new investment in transportation and other infrastructure.

This discovery was a big blow to the Albert government. When he was elected in 2013, he promised to be a "Prime Minister who values ​​infrastructure." The report also highlights the business community’s disappointment with the government’s inaction on large new projects.

The government used this month’s new budget to provide small businesses with a real-time asset write-down of 2 yuan to provide short-term stimulus to the economy, but the business community is still worried about the lack of long-term investment that can replace the resource boom.

"For God's sake, something will definitely go wrong-the economy has not picked up, and interest rates and fiscal deficits are at this level, but it's not because everything went well." CEDA CEO Stephen Martin said.

Martin said the government has not fulfilled its promises on infrastructure construction and it is time to admit that Victoria has "screamed" a viable alternative to the Melbourne East-West Link plan favored by Albert.

"The most important thing is that we have not seen any major infrastructure construction projects." Martin told the "Australian Financial Review".

"The funding for Westconnex in Sydney was announced by the Gilati government and has been gone since."

"This is the respondent's questioning of the survey-there is no prime minister who values ​​infrastructure."

Less than a week ago, the Australian Infrastructure Construction Authority warned that the economic loss caused by road congestion would quadruple to 2031 billion yuan by 530.


From a global perspective, the competitiveness of the United States is still the world's first, followed by Hong Kong, Singapore, Switzerland and Canada.

News compiled from "Australian Financial Review"


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