Australia Receives High Education Ranking in Global Competiveness Report
As in previous years, the Asia and Pacific remains among the fastest-growing regions worldwide, furthermore, despite low government funding in higher education Australia is ranked as one of the best education providers.
Few decades ago such rapid economy boom in Asia was unthinkable, today Singapore has been predicted to become the wealthiest country by 2050. More and more Asian countries are moving towards the most successful economies in the world.
In 1962, Taiwan’s economy was on par with that of Zaire and Congo, today, it is the world’s 24th largest economy and Asia’s sixth largest. Its growth during the latter half of the 20th Century is referred to as the “Taiwan miracle”.
From smartphones and shipbuilding to chemical engineering, Korean industries now rival those of Japan, the United States, and European countries.
After losing four positions to faster-improving economies last year, Australia retains its rank of 20th and score of 5.1, just behind Korea. Although lowest as the above mentioned, Australia’s education system and economy are one of the most stable ones in the world.
Australia tops the list of secondary education enrollment rate and earns very good marks in education, placing 15th in primary education and 11th in higher education and training.
Another education report conducted back in May ranked Australian higher education similar, The Universitas Ranking placed Australian education 8th position out of 48 countries – behind the US, Canada and Scandinavian countries, but ahead of Britain, France and Germany.
For the past two decades government has cut funding for higher education, Australia could find itself slipping down the rankings in years to come.
Australian economy stronger than ever
Among the country’s most notable advantages is its efficient and well-developed financial system (8th), supported by a banking sector that counts as among the most stable and sound in the world, ranked 5th.
Australia’s macroeconomic situation is satisfactory in the current context (26th). Despite repeated budget deficits, its public debt amounts to a low 23 percent of GDP, the third lowest ratio among the advanced economies, behind only Estonia and Luxembourg.
Labor regulations receive the lowest rating
The main area of concern for Australia is the rigidity of its labor market ranked 42-nd. Indeed, the business community cites the labor regulations as being the most problematic factor for businessmen as well as workers.
Fair Work Act reintroduced provisions making it harder for businesses to dismiss poorly performing staff. At the same time casual employers work on a full time basis without annual leave and other benefits.