Australia has topped the list of G20 nations best prepared to take advantage of e-trade.
The e-Trade Readiness Index, a report commissioned by eBay and researched by The Economist, has been released this week ahead of the G20 Summit scheduled for November in Brisbane.
Posting strong results across its e-payment and internet environments, Australia’s top placement was the result of a high technology saturation, cheap access to internet, a solid investment climate and acceptance of e-payments.
“Australia has affordable Internet access, a well-developed regulatory framework for commerce, high usage of electronic payment methods and high smartphone penetration,” the report said.
The report analysed the implementation and strength of policy, regulation and infrastructure to encourage global digital trade.
The Australian Government’s commitment to rolling out the NBN, despite a few road blocks, was one factor which boosted Australia’s score. Another was the early adopter status Australia and widespread acceptance and regulation of e-commerce and e-payments.
It found while Australia’s distance to market has in the past been an issue, the rise of e-trade has seen this shorten. A theme which has been repeated in the UK and Japan as well – both are, like Australia, developed island nations with a reliance on international trade.
But the country’s international trade environment ranking in the index was hurt by high container import and export costs.
“Australia can continue to improve should it have more competitive domestic and international shipping systems,” the report noted.
The index found the G20 nations are all at very different stages of developing international e-trade.
The full report is here.