Chart: Stop Worrying, Most Australian Industries Are More Competitive Than Their Global Peers

Getty/Cameron Spencer

At the moment there seems to be a common feeling in Australia that we should do business better, that our workforce needs to improve competitiveness and productivity and generally that perhaps we are resting on our laurels a little after two decades of persistent growth.

But in a new report Austrade highlights that when benchmarked against global competitiors Australian workers are actually performing pretty solidly.

Austrade says that:

The productivity levels of 16 out of 20 Australian industries rate above the global average. Australia is performing more than 20 per cent above the global average in five sectors including gas, education, health and tourism, and over 40 per cent in agribusiness, oil and mining.

Australia is a major global player in these industries, many of which have been identified by Deloitte as key contributors to the nation’s economic growth over the next two decades.

Maybe the RBA is right and what ails the economy at the moment in this period of transition is really just an Aussie dollar that is just too high.

Source, Austrade: Why Australia Benchmark Report – June 2014 Update