Not even a bronze medal for global competitiveness
The AFR reported that Australia has risen to position number 19 in terms of global competitiveness, from our previous rank of 21st. The top five countries, which also happen to be richer (per capita) than Australia are the US, Hong Kong, Singapore, the Netherlands, and Switzerland. What dragged Australia down were all kinds of high taxes and labour regulations. We think that it is important to appreciate that there are two sides to being globally uncompetitive: foreign enterprises are reluctant to come to Australia, and Australians live and work in an uncompetitive environment. The latter is responsible for our lower per capita income, the former tells us that it will stay that way.