BENCHMARK REPORT 2021 - auschamcambodia.com
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BENCHMARK REPORT 2021
Discover why Australia is a great investment destination
Image credit: MEzairi/Shutterstock.com
Why Australia 3
1. Resilient economy 4
2. Dynamic industries 14
3. Innovation and skills 27
4. Global ties 40
5. Strong foundations 49
CONTENTS
Why Australia Benchmark Report 2021 2
Like other nations, Australia spent 2020 dealing
with the economic and health impacts of the
COVID-19 pandemic. Our decisive actions minimised
the spread of the virus in the community, and
numerous economic stimulus packages sustained
businesses and households throughout the year.
These proactive measures mean the Australian
economy is bouncing back quickly. Resources,
energy and agriculture exports continued to grow
throughout the pandemic.
Our resilient, services-based economy is adapting to
changes in global trade as we look to new markets
and sectors to boost our growth. Strong trading
relationships with the world’s major markets will help
us expand our global presence.
Perhaps our greatest asset is our creative,
resourceful and enterprising people. As one of the
most multicultural and multilingual countries in the
world, we use our global ties to connect with the
best the world has to offer.
Australia welcomes productive foreign investment,
whether you’re a multinational giant, ambitious
startup or research organisation with innovative
ideas. In return, we offer a safe, stable location to
invest and do business, with smart people, solid
governance, strong global connections and a
lifestyle that’s the envy of the world.
WHY AUSTRALIA
Australia: Primed for investment and trade
Why Australia Benchmark Report 2021 3
01 RESILIENT ECONOMY
The world’s 12th largest economy 6
Resilience in the face of adversity 7
A balanced response to COVID-19 8
High levels of COVID-19 support 9
Low government debt by global standards 10
Proximity to Asia’s powerhouse economies 11
A diversified, services-based economy 12
Service industries power ahead 13
Why Australia Benchmark Report 2021 4
01 RESILIENT ECONOMY
A resilient economy that
outperforms in global
rankings
The Australian economy put in an
exceptional performance in 2019–20,
despite huge challenges. Even before the
COVID-19 pandemic arrived, the economy
hit major headwinds. A major drought was
followed by bushfires. Global lockdowns
then shut borders and dislocated trade.
Our diverse economy has kept us strong.
Australia’s resources, energy and
agriculture exports kept growing. A fiscal
stimulus equivalent to 18% of GDP helped
sustain households and businesses. And an
effective public health response stemmed
community transmission.
Decisive action helped the Australian
economy to outperform, according to global
comparisons. Australian GDP was 2.4%
lower in 2020 than in 2019. This decline
was far smaller than the average across
advanced economies.
In financial terms, Australia remains rock-
solid. The Australian public sector debt ratio
will be just 49% of GDP by the end of 2021.
On current forecasts, this will be one of the
lowest among developed economies.
Why Australia Benchmark Report 2021 5
World’s largest economies, 2021
Percentage share of total world nominal GDP in US$
Notes: 1. Rest of the world’s 195 economies: US$17,616 billion in 2021 or 19%
of the global GDP. 2. Top 20 largest economies: US$73,415 billion or 81% of
world’s GDP in 2021.
Sources: International Monetary Fund, 2020, World Economic Outlook
Database, October 2020; Austrade
The world’s 12th largest economy
The Australian economy is set to become the
world’s 12th largest economy in 2021, up two
places from 2019, according to the International
Monetary Fund. Australia’s GDP will be around
A$2 trillion (US$1.5 trillion). Australia is home
to just 0.3% of the world’s population, but
accounts for 1.6% of the global economy.
4. Germany 4.7%
2. China 18.1%
12. Australia 1.6%
7. India 3.1%
8. Italy 2.3%
5. France 3.2%
13. Spain 1.6%
6. UK 3.1%
17. Netherlands 1.1% 3. Japan 5.6%
11. Russia 1.7%1. US 24.1%
9. Canada 1.9%
18. Switzerland 0.9%
14. Brazil 1.6%
16. Mexico 1.2%
10. Korea 1.8%
20. Taiwan 0.7%19. Saudi Arabia 0.8%
ASEAN–10 3.7%
(incl 15. Indonesia 1.3%)
Why Australia Benchmark Report 2021 6
Notes: 1. Gross domestic product (GDP) is national currency, chained volume
estimates, national reference year. 2. When GDP growth wasn’t available, IMF’s
estimates were used. Those regions are: Argentina; Brazil; Chile; New Zealand;
Russia; Saudi Arabia; Singapore; South Africa; and advanced economies.
Sources: Trading Economics, 2021, Gross domestic product, constant prices;
Australian Bureau of Statistics,2021, Australian National Accounts: National
Income, Expenditure and Product, December 2020; International Monetary
Fund, 2021, World Economic Outlook January 2021; Focus economics, 2021,
GDP in Finland; Austrade
Real GDP change1, selected economies
Percentage change 2020 on 2019
Resilience in the face of adversity
The start of 2020 brought huge challenges
for Australia. The country was just recovering
from devastating bushfires when the COVID-19
outbreak began. The Government acted quickly
to close borders and contain the pandemic. The
Australian health system coped with infections
and the government supported businesses
and the livelihoods of Australian workers.
The result was that Australia was less hard hit
economically than other countries. Australian
GDP was 2.4% lower in 2020 than in 2019. This
decline was far smaller than the average across
advanced economies.
-12
-10
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Brazi
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Canada
Japan
Singapore
Chile
Portugal
Colo
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South A
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Italy
Mexic
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Spain
UK
Arg
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France
2.3
-1.0
–2.9–2.4
–3.0
–3.5 –3.6–3.8 –3.9
–4.5
–4.9–5.3 –5.4 –5.4
–6.0 –6.1
–6.8–7.1
–7.4 –7.5
–8.2–8.5
–8.7
–9.9 –10.0–10.4
Advanced economies = –4.9%
Why Australia Benchmark Report 2021 7
Notes: 1. Fatality rates as at 1 March 2021. 2. When country GDP growth
wasn’t available, IMF’s estimates were used. Those economies are: Argentina;
Brazil; Chile; New Zealand; Russia; Saudi Arabia; Singapore; and South Africa.
Sources: WorldoMeter, 2021, COVID-19 Coronavirus Pandemic; Trading
Economics, 2021, Gross domestic product, constant prices; Australian
Bureau of Statistics, 2021, Australian National Accounts: National Income,
Expenditure and Product, December 2020; International Monetary Fund,
2021, World Economic Outlook January 2021; Focus economics, 2021, GDP in
Finland; Austrade
COVID-19 fatality rates1 and change in gross domestic productA balanced response to COVID-19
In 2020, all countries tried to minimise economic
disruption while slowing the spread of COVID-19.
Few countries achieved both. Australia’s
geographical isolation helped us prevent
uncontrolled transmission, while the states and
territories closed internal borders in response
to local outbreaks. To support our economy,
the government provided an economic package
worth 18% of GDP. The Australian public
generally adhered to stringent, fast-changing
lockdown measures. Bloomberg recently rated
Australia as the second best country in the
world in its COVID Resilience Ranking. By the
end of February 2021, Australia combined a low
fatality rate with a low impact on GDP, relative
to most other countries.
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Percentage change in GDP, 2020 vs 2019
India
Portugal
Italy
Brazil
Sweden
US
Russia
Finland
Japan Australia
ChinaKorea
Chile
Colombia
France
MexicoSpain
UK
Fa
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s
BE
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BETTER
Philippines
-12 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4
Average of selected economies = –5.7%
Singapore
World average = 326
Netherlands
Canada
GermanySouth Africa
Argentina
Saudi ArabiaMalaysia
New ZealandThailand
Why Australia Benchmark Report 2021 8
Notes: 1. Includes Health and non-health sectors. 2. Liquidity support is
defined as “Below-the-line” measures plus Contingent liabilities. “Below-the-line”
measures involve the creation of assets or liabilities without affecting today’s
fiscal balance, like an equity injection in a firm. Contingent liabilities are not
explicitly recorded on government balance sheets and arise only in the event
of a particular discrete situation, such as a crisis. For example, in the case of
Australia, the Coronavirus SME Guarantee Scheme.
Sources: International Monetary Fund, 2021, Fiscal Monitor Update; Austrade
Fiscal measures in response to the COVID-19 pandemic for selected economies
As a percentage of gross domestic product1
High levels of COVID-19 support
After Australia closed its borders, the
Australian Government created an economic
stimulus package worth 18% of GDP. In global
terms, this placed Australia between the US
and the EU. Support was provided to workers,
businesses and the broader community.
It kept Australians employed and companies
in business.
0
5
10
15
20
25
30
35
40
45
Liquidity support2
Additional spending or foregone revenues
Ge
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Global average = 13.5%
44.0
42.3
38.9
32.4
23.5
21.821.0
19.2 18.7
14.513.6
18.0
12.8 12.5 12.4
10.69.5
7.9
6.0
4.43.53.5
2.52.0
1.0
Why Australia Benchmark Report 2021 9
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2019
Expected increase to 2021
179
146
124
110107 106
104102
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74
62
57 5654 54
50 49 48
40 39
3128
2422
11
General government net debt, 2019 to 2021
As a percentage of GDP
Notes: 1. For cross-economy comparability, net debt levels reported by national
statistical agencies for economies that have adopted the 2008 System of
National Accounts (Australia, Canada, US) are adjusted to exclude unfunded
pension liabilities of government employees’ defined-benefit pension plans.
2. Belgium’s net debt series has been revised to ensure consistency between
liabilities and assets. Net debt is defined as gross debt (Maastricht definition)
minus assets in the form of currency and deposits, loans, and debt securities.
3. “Net debt” for Ireland is defined as gross general debt minus debt instrument
assets, namely, currency and deposits, debt securities, and loans. It was
previously defined as general government debt less currency and deposits.
4. The IMF considers the following markets as part of the ‘advanced economies’
group: Australia, Austria, Belgium, Canada, Cyprus, the Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Hong Kong SAR, Iceland, Ireland,
Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Macao SAR, Malta,
Netherlands, New Zealand, Norway, Portugal, Puerto Rico, San Marino, Singapore,
Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Taiwan, United Kingdom,
and United States.
Sources: International Monetary Fund, 2020, Fiscal Monitor; Austrade
Low government debt by global standards
The COVID-19 pandemic has triggered a rapid
increase in public debt in almost all economies.
Australia entered 2020 with very low public
debt and Australia’s debt burden will remain low
by global standards. In its October 2020 ‘Fiscal
Monitor’ report, the International Monetary Fund
estimated that the Australian Government’s net
debt would be 49% of GDP in 2021. This is well
below the 96% average forecast for advanced
economies.4
2019 2021 Change, %
Advanced economies average 77 96 20
Euro Area 69 85 16
G20 Advanced 83 105 21
G7 88 110 22
Emerging market & middle-income economies average 39 52 13
Asia (gross debt only; net debt figures unavailable) 54 68 14
Europe 30 43 13
G20 Emerging 38 NA NA
Why Australia Benchmark Report 2021 10
Notes: 1. The bar represents the value of the regional gross domestic
product at current prices based on purchasing power parity. 2. To avoid
double counting with NIEs and ASEAN, Singapore was excluded. 3. Newly
Industrialised Economies (NIEs): Singapore, Hong Kong SAR, Korea and Taiwan.
4. World Economic Forum, see source below.
F = Forecast
Sources: International Monetary Fund, 2020, World Economic Outlook
Database; World Economic Forum, 2019, In 2020 Asia will have the world’s
largest GDP; Austrade
Asian economic growth
GDP based on purchasing power parity (PPP)1
Proximity to Asia’s powerhouse economies
Asia’s share of global GDP has increased
steadily from 20% in 1980 to over 40% in 2025.
Australian trade stands to benefit. Most of
Australia’s principal export partners are located
in Northeast Asia and Southeast Asia, and a
network of 15 free trade agreements gives
Australian companies preferential access to
these fast-growing markets. A huge middle
class is emerging in Asia, with 2.4 billion
consumers expected by 2030.4
Countries & regions
Compound annual growth rate (%) 1980–2025
China and India 10.0
Japan, Australia and New Zealand 4.3
ASEAN-92 7.5
Newly Industrialised Economies3 7.7
Other developing Asia 7.8
Average of Asia incl. Australia and New Zealand 7.8
World average 5.9
1980 1985 1990 1995 2000 2010 20152005 2020F 2025F
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’s G
DP
Asia plus Australia and New Zealand as a percentage of world’s GDP (right-hand axis)
0
10
20
30
40
50
60
70
80
0
5
10
15
20
25
30
35
40
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20%
44%
Why Australia Benchmark Report 2021 11
Australia’s real gross value added (GVA) by industry
Total as a percentage of total industry, 2020
A diversified, services-based economy
Australia’s resilience is underpinned by a
diverse mix of competitive industries. In 2020,
the country’s services and goods industries
accounted for 81% and 19% of real gross value
added (GVA) respectively. Australia’s mining
sector generated 11.0% of GVA, followed by
financial services (9.4%), ownership of dwellings
(9.1%) and healthcare and social assistance
(8.0%). Technology-driven sectors – including
professional, scientific and technical services,
education and IT – are worth over 15% of total
economic production.
Notes: 1. Goods comprise agriculture, forestry and fishing, manufacturing
and mining. 2. Ownership of dwellings is not classified as a good or service.
3. GVA is around 95% of total GDP in 2020. To obtain the GDP, we would need
to add taxes, the statistical discrepancy less subsidies to the GVA.
Sources: Australian Bureau of Statistics, 2021, Australian National Accounts:
National Income, Expenditure and Product, Table 6; Austrade
Public administration and safety 6.1%
Education and training 5.2%
Transport, postal and warehousing 4.2%
Administrative and support services 3.2%
Rental, hiring and real estate services 2.9%
Electricity, gas, water and waste services 2.6%
Accommodation and food services 2.0%
Information media and telecommunications 2.4%
Ownership of dwellings2 9.1%
Other services 2.5%
Wholesale trade 4.0%
Retail trade 4.5%
Mining1 11.0%
Manufacturing1 5.9%
Agriculture, forestry and fishing1 2.1%
Financial and insurance services 9.4%
Construction 7.4%
Healthcare and social assistance 8.0%
Professional, scientific and
technical services 7.6%
Total GVA3 = A$1,808 billion
Why Australia Benchmark Report 2021 12
0 1 2 3 4 5 6
Information media and telecommunications
Professional, scienti�c and technical services
Healthcare and social assistance
Mining
Financial and insurance services
Construction
Administrative and support services
Retail trade
Wholesale trade
Arts and recreation services
Transport, postal and warehousing
Rental, hiring and real estate services
Accommodation and food services
Public administration and safety
Ownership of dwellings2
Other services
Education and training
Agriculture, forestry and �shing
Electricity, gas, water and waste services
Manufacturing
5.1
4.7
4.4
4.2
4.2
3.4
3.2
3.1
3.0
2.8
2.7
2.7
2.5
2.4
2.1
1.8
1.7
1.4
1.2
0.5Notes: 1. Goods comprise agriculture, forestry and fishing, manufacturing
and mining. 2. Ownership of dwellings is not classified as a good or service.
Sources: Australian Bureau of Statistics, 2021, Australian National Accounts:
National Income, Expenditure and Product, Table 6; Austrade
Growth by industry in Australia’s real gross value added
Compound annual growth rate, 1990 to 2020
Service industries power ahead
The Australian services sector grew by 3.2% per
year in the three decades to December 2020,
outpacing growth in the goods sector. The
information, media and telecommunications
sector grew fastest, at a compound annual
growth rate of 5.1% over the last 30 years,
followed by professional, scientific and technical
services (4.7%), and healthcare and social
assistance (4.4%).
All-industries average growth:
2.9% per annum
Services: 3.2%
Goods: 2.3%
Not Classified as a good or serviceGoods1Services
Why Australia Benchmark Report 2021 13
Exports underpinned by five key industries 16
A leader in new technologies 17
Abundant reserves of resources and energy 18
A major supplier of resources and energy to Asia’s industries 19
Australia’s surge in solar and wind renewables 20
A top agri-exporter to Asian markets 21
A clean, green source of food and natural fibres 22
Sophisticated financial markets 23
Australia’s A$10 trillion financial sector 24
A top destination for education and skills training 25
A recovering tourism sector 26
DYNAMIC INDUSTRIES02
Why Australia Benchmark Report 2021 14
Strong global demand
for Australia’s resources,
energy and food
Australia’s primary industries powered
export growth in 2019–20. Resources and
energy exports reached A$290 billion after
growing by an average 8.9% per year since
2000–01. Asia’s economies are our principal
customers.
Investment in Australian critical minerals is
growing fast. This is due to soaring demand
for lithium-ion batteries, renewable energy
plants and high-tech manufacturing. Fresh
investment in new mines and processing
facilities will create a reliable source of global
supply.
Exports of agri-foods also reached a
new high of A$48 billion in 2019–20.
Beef alone generated exports of A$11 billion
in 2019–20. A national reputation for high
agricultural standards and clean, green
produce means Australian exporters earn
premium prices.
Australians have maintained their love of
domestic travel, making up for some of the
decline in international tourism. Australia’s
A$10 trillion financial sector continued to
grow in 2019–20, with total assets growing
9% per year consistently over two decades.
DYNAMIC INDUSTRIES02
Why Australia Benchmark Report 2021 15
Australia’s globally significant industriesExports underpinned by five key industries
In a typical year, Australian trade rests on five
major industries: resources, energy, agriculture,
tourism and education. Australia is one of the
world’s top three exporters of resources and
energy. Australia’s farmers are world leaders
in the production of clean, green premium
produce. Meanwhile, Australia has large and
sophisticated financial markets, with the world’s
eighth largest pool of investment fund assets.
International student arrivals and international
tourism will remain minimal as long as borders
are closed. In 2019, around three-quarters of all
visitor spend came from domestic tourism, and
local visitors are sustaining the tourism industry
until international borders reopen.
Australia’s investment fund assets
(US$2.2 trillion, September 2020)
Eighth largest in the world.
Foreign students in tertiary education1
(8% of the world’s total, 2018)
Third largest in the world.
Merchandise export – mining and energy
(US$185 billion, or 6.4% of the world’s total, 2019)
Third largest in the world.
Merchandise export – agricultural products2
(US$35.4 billion, or 1.5% of the world’s total, 2019)
Top 19 in the world.
Tourism
(A$139 billion, 2019)
77% (or A$107 billion) of tourism spend comes from domestic travellers.
Notes: 1. Inbound students in tertiary education. 2. Agricultural products has
been defined as codes 0, 1, 4, 9, 21 to 26 and 29 of the Standard International
Trade Classification.
Sources: United Nations, 2020, UN Comtrade Database; Investment Company
Institute, 2020, Quarterly Worldwide Mutual Fund Market; Tourism Research
Australia, 2021, unpublished data; World Trade Organisation, 2020, World
Trade Statistical Review; UNESCO Institute for Statistics, 2021, National
Monitoring – Inbound internationally mobile students by continent of origin;
Austrade
Why Australia Benchmark Report 2021 16
Sources: 1. KPMG, 2020, KPMG Fintech Landscape 2020. 2. KPMG, 2020,
Pulse of Fintech H1 2020. Investment activity comprises venture capital,
private equity, and mergers and acquisitions. 3. KPMG and H2 Ventures,
2019, FinTech 100. 4. Austrade, 2021, EduGrowth: Sector overview and
statistics. 5. Frost & Sullivan, 2018, Global Digital Health Outlook. 6. WIPO
Patent Statistics, 2020, Total count by applicant’s origin (equivalent count).
7. KPMG, 2018, Talking 2030: Growing agriculture into a $100 billion industry.
8. Department of Agriculture, 2020, Drought & Emergency Management: A
new focus on agricultural innovation investments to harness collective power
of RDCs.
Australia’s tech credentialsA leader in new technologies
Australian entrepreneurs and academics work
well together. They have pioneered world-class
technologies in agriculture, education, financial
services and health. Innovation includes
the use of blockchain in finance, immersive
simulation technologies in education, robotics in
medical procedures and the Internet of Things
in agriculture. Australia is also recognised
as a world leader in silicon-based quantum
computing research.
A$800 million invested annually
through 15 Rural R&D Corporations8
500 medtech companies
733 active fintech companies1
400 agtech & foodtech companies7
600 edtech companies4
15 agtech incubators/acceleratorsA$2.2 billion edtech market
50% of companies are early-stage
startups
13,000–strong workforce
US$1.8 billion digital health market5US$1.2 billion invested (2019–20)2
Seven fintech companies
in the world’s top 1003
World top 20 for medtech patents6
A$20bn Medical Research Future Fund
Why Australia Benchmark Report 2021 17
Sources: Department of Foreign Affairs and Trade, 2020, Trade statistical
pivot tables; Geoscience Australia, 2019, Australia’s Identified Mineral
Resources; BP, 2020, Statistical Review of World Energy; United States
Geological Survey (USGS), 2020, Mineral Commodity Summaries; Austrade
Australia’s commodity exports, 2019–20
Resources and energy, with global ranking for production and reserves
Abundant reserves of resources and energy
Australia is a major commodity exporter, with
resources and energy contributing almost three-
quarters of goods exports in 2019–20. Currently,
Australia has the world’s largest reserves of iron
ore, gold and uranium. Liquefied natural gas,
coal and uranium exports make Australia a major
energy supplier to Asian economies. Demand
for lithium-ion batteries used in electric vehicles
will power Australia’s lithium industry. Australia
is already the second-largest producer of rare-
earth minerals, and investment is set to surge as
customers secure global supply chains.
Energy OtherResources
Iron ore A$102.7bn
Gold and gold coin A$25.4bn
Aluminium & bauxite A$12.6bn
Copper A$6.7bn
Other minerals A$4.7bn
Con�dential minerals ores A$4.2bn
Other ores & concentrates A$3.7bn
Precious metal ores A$1.9bn
Crude minerals A$1.2bn
Zinc A$1.3bn
Re�ned petroleum A$2.4bn
Other commodity exports A$104.3bn
Natural gas A$47.5bn
Crude petroleum A$8.6bn
Coal A$54.6bn
Production Reserves
Bauxite 1 2
Black coal 4 4
Brown coal 6 2
Cobalt 3 2
Copper 6 2
Gold 2 1
Production Reserves
Iron ore 1 1
Lead 2 1
Lithium 1 2
Natural gas 7 15
Nickel 6 2
Rare earths 2 6
Production Reserves
Rutile 1 1
Silver 6 3
Tantalum 7 1
Uranium 3 1
Zinc 3 1
Zirconium 1 1
Australia’s world ranking for resources and energy
Why Australia Benchmark Report 2021 18
Australia’s resources and energy sector, 2000–01 to 2020–21
Nominal value of exports1, 2000–01 to 2020–21
A major supplier of resources and energy to Asia’s industries
Australia’s resources and energy exports have
increased by a factor of five in just 20 years.
Global exports topped A$291 billion in the
year to June 2020. Asia is the biggest buyer.
However, total exports will likely slip by
A$4 billion in 2020–21 because lockdowns
reduced industrial demand in Asia. Australia
aims to become a major exporter of renewable
energy. The Asian Renewable Energy Hub –
straddling 6,500 square kilometres in Western
Australia – will be the world’s largest solar and
wind farm region. The planned ASEAN Power
Link project in the Northern Territory aims to
supply solar power to Indonesia and Singapore
via a 4,500-kilometre high-voltage subsea
cable.
Notes: 1. Annual value of commodity exports, free on board (fob).
2. CAGR = Compound annual growth rate.
Sources: Department of Industry, Innovation and Science, Office of the
Chief Economist, 2020, Resources and Energy Quarterly; Northern Territory
Government, 2020, Australia-ASEAN Power Link Project; Austrade
0
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–2
1F
Energy: CAGR² 8.2% (2000–01 to 2020–21)
Resources: CAGR 9.5% (2000–01 to 2020–21)
A$
bil
lio
n
116
175
200
79
Why Australia Benchmark Report 2021 19
E = Estimate; TWh = Terawatt-hour.
Sources: International Renewable Energy Agency (IRENA), 2020, Renewable
Capacity Statistics; IRENA, 2020, Renewable Energy Statistics; Department of
Industry, Science, Energy and Resources, 2020, Australian Energy Statistics;
Austrade
Australia’s renewable energy generation volumes and world rankings
1993–94 to 2018–19E, TWh
Australia’s surge in solar and wind renewables
Renewable energy accounted for 20% of
total electricity generation in 2019 – a record
for renewables in Australia. Growth is brisk.
Renewables’ share of power generation
has tripled in a decade. In 2019, wind power
produced approximately 7% of Australian power,
solar another 6%, and hydro 6%.
World ranking World share %
Solar PV 10 1.8
Wind energy 13 1.2
Bioenergy 24 0.7
Hydropower 33 0.4
Total 21 0.7
1993–94 1998–99 2003–04 2008–09 2013–14 2018–19E
Te
raw
att
–h
ou
r
Pe
rce
nt
ag
e o
f to
tal e
lec
tric
ity
ge
ne
rati
on
Renewables: as a percentage of total electricity generation (right-hand axis)
0
10
20
30
40
50
0
2
4
6
8
10
12
14
16
18
2020
10
Australia’s gross energy production 2018
Why Australia Benchmark Report 2021 20
Notes: 1. Includes all unprocessed food and live animals; raw hides, skins and
furskins; and all unprocessed textile fibres. 2. Export value of Australian food
and fibre is defined as the total export value of primary products (unprocessed
– food & live animals total); primary products (unprocessed – Other – Hides
skins & furskins raw); primary products (unprocessed – Other – Textile fibres
unprocessed & waste); and primary products (processed – food total).
3. The Asia region is defined as Asia and Oceania.
Sources: Department of Foreign Affairs and Trade, 2020, Trade statistical pivot
table; Austrade
Australia’s top 15 export destinations for food and fibre, 2019–20A top agri-exporter to Asian markets
Food and fibre exports reached A$48 billion
in 2019–20. Asia is a major customer. Of
Australia’s 15 top food markets, 12 are in the
Asia region3, and they account for almost
three-quarters of the nation’s agrifoods
exports. With a reputation for high agricultural
standards and a well-regulated food industry,
Australian produce commands premium prices.
Meanwhile, Australia’s network of regional free
trade agreements gives Australian growers
preferential access to Asian markets.
1. China A$14.5bn
6. Vietnam A$1.8bn
4. Korea A$2.9bn
5. Indonesia A$2.1bn
7. New Zealand A$1.7bn
14. UAE A$0.7bn
15. UK A$0.6bn
2. Japan A$5.1bn
3. US A$4.3bn
9. Hong Kong SAR A$1.1bn13. Taiwan A$0.8bn
12. Philippines A$0.9bn
10. Malaysia A$1.1bn
8. Singapore A$1.4bn
11. Thailand A$0.9bn
Exports (A$ billion)
2019–20
Unprocessed 18.41
Processed 29.2
Total 47.52
Why Australia Benchmark Report 2021 21
Australia’s major agricultural commodity exports, 2019–20E
Export value (A$ billion)
A clean, green source of food and natural fibres
Global markets have developed a taste for high-
value, branded, premium Australian produce.
Beef is the biggest export earner, generating
A$11.3 billion of overseas earnings in 2019–20.
Australia is also a major exporter of wheat,
wine, wool, lamb, fruit, sugar, beef cattle,
barley, mutton, canola, tree nuts, cheese, raw
cotton and rock lobster. Together, these top 15
products contributed almost 70% to the total
value of Australia’s A$53 billion of agricultural
exports in 2019–20.
Notes: 1. Includes wheat flour. 2. Greasy wool exports shown on a balance of
payments basis before 2015–16. 3. Includes buffalo. 4. Includes malt.
5. Excludes cotton waste and linters. 6. Includes dairy cattle and excludes skin
and hide values. 7. Milk intake by factories and valued at the farm gate.
8. Excludes skin and hide values. 9. Shorn, dead and fellmongered wool, and
wool exported on skins. 10. Includes all bovine for feeder/slaughter, breeding
and dairy purposes. 11. Excludes skin and hide values.
E = ABARES estimate.
Sources: Australian Bureau of Agricultural and Resource Economics and
Sciences, 2020, Agricultural commodities – Statistical Tables 13 and 17;
Austrade
Be
ef
an
d v
ea
l
Wh
ea
t¹
Win
e
Wo
ol²
La
mb
Fru
it
Su
ga
r
Liv
e f
ee
de
r/s
lau
gh
ter
ca
ttle
³
Ba
rle
y4
Mu
tto
n
Ca
no
la
Tre
e n
uts
Ch
ee
se
Ra
w c
ott
on
5
Ro
ck
lob
ste
r
$11.3
$3.9
$2.9 $2.8 $2.7
$1.6 $1.6 $1.6 $1.5 $1.4$1.2
$1.0 $1.0 $1.0
$0.5
Commodity A$ billion
Cattle and calves6 13.1
Fruit and nuts (excl. grapes) 5.2
Wheat 5.0
Milk7 4.6
Vegetables 4.4
Lambs8 3.9
Wool9 3.1
Poultry 2.9
Barley 2.4
Cattle exported live10 1.9
Nursery, cut flowers and turf 1.7
Pigs11 1.5
Canola 1.4
Softwood 1.4
Sugar cane (cut for crushing) 1.3
Farm, fisheries and forestry
production = A$66.2 billion
Why Australia Benchmark Report 2021 22
Sources: 1. Reserve Bank of Australia, 2020, Assets of Financial Institutions –
B1; Reserve Bank of Australia, 2020, Securitisation Vehicles – B19; Australian
Bureau of Statistics, 2020, Managed Funds, Table 1; Australian Bureau of
Statistics, 2020, Australian National Accounts: National Income, Expenditure
and Product, Table 3; Australian Prudential Regulation Authority, 2020,
Quarterly general insurance performance statistics; Reserve Bank of Australia,
2020, Exchange Rates 2. Investment Company Institute, 2020, Research &
Statistics, Worldwide Market Data. 3. Standard & Poor’s, 2020, S&P Dow Jones
Indices World-By-Numbers. 4. Willis Towers Watson, 2021, Global Pension Assets
Study. 5. Bank for International Settlements, 2019, Triennial Central Bank Survey
of Foreign Exchange and OTC Derivatives Markets. 6. Bank for International
Settlements, 2019, Debt securities statistics; Austrade
Global significance of Australia’s financial marketsSophisticated financial markets
Australia is home to the world’s eighth largest
pool of managed funds and ninth largest stock
market (by market capitalisation of freely
floating stocks). The country’s foreign exchange
and debt markets are both ranked 10th in the
world. Australia’s US$2.2 trillion managed funds
sector is underpinned by a mandated retirement
savings scheme – called superannuation – that
has created the fifth largest pension system in
the world.
US$6,954 billion1
Assets of Australian financial institutions*
Five times Australia’s nominal GDP
*June 2020
US$2,333 billion4
Pension assets*
5th largest in the world
*2020
US$2,187 billion2
Fund assets under management*
8th largest in the world
3rd largest in the Asia-Oceania region
*September 2020
US$119 billion5
OTC foreign exchange daily average turnover*
10th largest in the world
5th largest in the Asia-Oceania region
*April 2019
US$1,428 billion3
Stock market*
9th largest in the world
3rd largest in the Asia-Oceania region
*Market capitalisation of freely floating stocks,
December 2020
US$2,199 billion6
International and domestic debt securities outstanding*
10th largest in the world
3rd largest in the Asia-Oceania region
*Total outstanding value, June quarter 2020
Why Australia Benchmark Report 2021 23
Notes: CAGR = Compound annual growth rate from June quarter 2000 to
June quarter 2020.
1. ADIs: Banks, Building Societies and Credit Unions. RFCs: Money Market
Corporations, Finance Companies and General Financiers. 2. Other: General
Insurance Offices and Securitisation Vehicles. 3. Gross value added provides
a dollar value for the amount of goods and services that have been produced
in a country, minus the cost of all inputs and raw materials that are directly
attributable to that production.
Sources: Reserve Bank of Australia, 2020, Assets of Financial Institutions
– B1; Reserve Bank of Australia, 2020, Securitisation Vehicles – B19;
Australian Bureau of Statistics, 2020, Managed Funds, Table 1; Australian
Bureau of Statistics, 2020, Australian National Accounts: National Income,
Expenditure and Product, Table 3; Australian Prudential Regulation Authority,
2020, Quarterly general insurance performance statistics; Reserve Bank of
Australia, 2020, Exchange Rates; Austrade
Assets of Australian financial institutions, 1999–00 to 2019–20
A$ trillion, year ending June quarter
Australia’s A$10 trillion financial sector
Australian financial markets are large relative
to the overall size of the economy. The
total estimated value of all financial assets
rose to A$10 trillion (about US$7 trillion) in
2019–20. This equates to five times the value
of Australia’s GDP. The financial sector has
grown on average by over 9% per year over
the past 20 years, almost doubling its share of
the Australian economy. It is now the largest
contributor to the country’s gross value added.3
0
2
4
6
8
10
1999–00 2004–05 2009–10 2014–15 2019–20
ADIs and RFCs1
Managed funds
Reserve Bank of Australia
Other �nancial institutions2
AFI assets % of GDP (right-hand axis)
0
250
500
Ass
ets
(A
$ t
rill
ion
)
To
tal A
FI
ass
ets
as
a p
erc
en
tag
e o
f G
DP
262%
511%
Assets of financial institutions % CAGR1 1999–00
to 2019–20
Authorised Deposit-taking Institutions (ADIs) and
Registered Financial Corporations ( RFCs)1
9.7
Managed funds 8.8
Reserve Bank of Australia 8.4
Total all financial institutions (AFIs) including other2 9.2
Why Australia Benchmark Report 2021 24
Notes: 1. Enrolment numbers reflect international student enrolments (by
country of citizenship). 2. 2020 data contains statistics relating to enrolments
in higher education courses in each Australian Higher Education Provider and
is correct as the January 2021 release of student data (revised monthly). 2020
data should be interpreted with caution. Under current COVID-19 conditions,
an enrolment does not confirm if a student was in Australia at the time of
reporting. 3. Excludes enrolments from New Zealand as students do not
require an international student visa to study in Australia. 4. ‘Other’ includes
enrolments from countries not known or where no further information was
provided. 5. From January to November due to availability of information.
Sources: Austrade, 2020, Market Information Package
International higher education enrolments by regional grouping1
Students on student visas only, year to November 20202
A top destination for education and skills training
Australia is the third most popular destination
for foreign students enrolled in tertiary
education. In 2020, Australia attracted almost
880,000 international student enrolments,
which were spread across universities, technical
colleges, vocational education training colleges,
English language courses and schools. About
80% of students arrived from Asian countries; in
higher education about 90% arrived from Asian
countries.
20195 20205
Total international higher education enrolments 440,308 418,018
Total higher education enrolments, % change 10.7% -5.1%
% share of all Asian students (excluding Middle East) 90.5% 90.6%
Top five broad fields of study 362,129 339,343
Management and commerce 176,150 155,901
Information technology 70,645 69,113
Engineering and related technologies 46,515 42,229
Health 37,015 37,983
Society and culture 31,804 34,117
NortheastAsia
Southern andCentral Asia
SoutheastAsia
Americas North Africaand the
Middle East
Sub-SaharanAfrica
North-WestEurope
Southern and Eastern
Europe
Oceania andAntarctica3
Other4
185.2k181.7k
155.9k
142.9k
57.4k53.9k
12.2k 12.1k 10.5k 9.6k 8.6k 8.2k 6.1k 5.5k 3.3k 3.1k 1.1k 1.0k 0.0k 0.0k
2019 2020
Why Australia Benchmark Report 2021 25
Sources: Tourism Research Australia, 2021, unpublished data; Austrade
Domestic and international visitor spend in Australia from 2010 to 2019A recovering tourism sector
Tourism has faced a difficult year on the
back of national and state border closures.
Pandemic lockdowns in April 2020 saw almost
a complete stop in tourism-related travel. In
November 2020, monthly spend on domestic
overnight travel had fallen 34%, year on year.
Despite this, investment in Australian tourism
has continued and the opening of borders has
allowed Australians to resume exploring regional
centres.
0
20
40
60
80
100
120
140
160
Ex
pe
nd
itu
re (
A$
bil
lio
n)
Pe
rce
nta
ge
ch
an
ge
, ye
ar-
on
-ye
ar
2010
March April May June July August September October November
2011 2012 2013 2014 2015 2016 2017 2018 2019
-100
-80
-60
-40
-20
0
-41%
-91%
-82%
-65%
-52% -53%-56%
-39%
78.482.3
86.6 89.094.3
99.9106.5
113.2
124.5
138.5International Domestic
-34%
Change in domestic overnight spend, 2020 COVID-19 affected months compared with 2019
77% of tourism spend comes from domestic travellers.Australian tourism is underpinned by strong, growing domestic and international demand.
Why Australia Benchmark Report 2021 26
Australia’s roll call of innovation 29
An innovative, highly educated nation 30
Tech-savvy talent 31
First-rate digital and mobile networks 32
Significant investment in education 33
A big spender on research and development 34
High-impact research across multiple fields 35
A pioneer in health sciences and practical medicine 36
Top-ranking academic institutions 37
A leading contributor to UN Sustainable Development Goals 38
A warm welcome for talented migrants 39
INNOVATION & SKILLS03
Why Australia Benchmark Report 2021 27
Highly skilled, tech-savvy
talent that attracts global
enterprise
Australian science and research contribute
significantly to global innovation. In terms
of research publications, Australian
academics are global leaders in 20 critical
fields, including space science, physics,
computer science and clinical medicine.
We are pioneers in many areas of health
and life sciences. Australian inventors have
developed scores of technologies. These
include innovations such as the electronic
pacemaker in 1926 and the cervical cancer
vaccine in 2006.
Australian universities are globally renowned
and the quality of their education builds our
world-leading talent. Today, seven Australian
universities rank in the world’s top 100, and
spending on education exceeds the OECD
average. Australians now rank in the global
top 10 for skills.
Our talent is not just home-grown. In 2019,
Australia had the third highest proportion
of foreign-born citizens among OECD
countries. This is twice the average for
OECD countries.
Today, Australia is a magnet for global
talent. From medicine to IT, high-skilled
professionals are drawn to world-class
institutions across the country. They bring
skills that help build Australian business,
science and technology prowess in the
Asia-Oceania region and around the world.
INNOVATION & SKILLS03
Why Australia Benchmark Report 2021 28
Australia’s innovation credentials
Sources: 1. Economist Intelligence Unit, 2018, Preparing for disruption: Technological Readiness Ranking. 2. Shanghai Ranking Consultancy, 2020, Academic Ranking of World Universities. 3. Global Entrepreneurship and Development Institute, 2019, Global Entrepreneurship Index 2019. 4. Commonwealth Scientific and Industrial Research Organisation, 2020, CSIRO Annual Report 2019–20. 5. Department of Innovation, Industry and Science, 2020, Australian Innovation System Monitor. 6. Australian Bureau of Statistics, 2020, Education and Work, Australia, Table 13. 7. Austrade
Australia’s roll call of innovation
Australia is a nation of inventors and
entrepreneurs. Our innovations include the
electronic pacemaker (1926), the ‘black box’
flight recorder (1958), ultrasound (1961),
multi-channel cochlear implants (1970s), the
polymer banknote (1988), Wi-Fi (1990s), Google
Maps (2003) and a cervical cancer vaccine
(2006). With dynamic links between academia,
industry and public services, Australia welcomes
investment in its intellectual capital to help lay
the groundwork for future discoveries.
Ranked 1stFor technological readiness1
CSIRO ranks in the
Top 1%of the world’s scientific institutions
in 15 of 22 research fields4
Ranked 3rdFor number of universities
in the world’s top 1002
About 44%of Australian firms are
‘innovation-active’5
Ranked 6thGlobal entrepreneurship3
Around 47%of Australia’s workforce has a
tertiary qualification6
Why Australia Benchmark Report 2021 29
Notes: 1. Per 100 people. 2. Index combines economic, social and educational
indicators. 3. E-participation is assessed based on features of national
e-government portals, especially the availability of online information on
policies and budgets, or free access to online government services. 4. Per
1,000 people, aged 15-69. 5. Human capital and research includes education,
tertiary education and research and development. 6. The H-Index is a numerical
indicator of how productive and influential a researcher is. 7. Generic top-
level domains (gTLDs) are one of the categories of top-level domains (TLDs)
maintained by the Internet Assigned Numbers Authority (IANA) for use in the
Domain Name System of the Internet. 8. Per 1,000 people, aged 15–69.
Sources: (a) World Economic Forum, 2019, Global Competitiveness Report;
(b) United Nations, 2020, Human Development Report; (c) International
Institute for Management Development, 2020, IMD World Competitiveness
Yearbook 2020; (d) Cornell University, INSEAD, World Intellectual Property
Organization, 2020, Global Innovation Index 2020; Austrade
Skilled workforce and innovation indicators – Global rankingsAn innovative, highly educated nation
International studies show that Australia’s
workforce is competitive across multiple indicators.
According to the World Economic Forum Global
Competitiveness Report 2019, Australia’s scientific
publication scores are among the world’s highest,
and so are its metrics for critical thinking in
teaching. Australia ranks the eighth highest in
the world on the UN’s Human Development Index,
an important comparative measure of literacy
and education. Australia also ranked in the top
nine for availability of foreign highly skilled labour,
according to a study by the International Institute
for Management Development.
Australia
US
UK
France
Germany
Japan
Korea
China
India
Singapore
WEF Global Competitiveness Report 2019
Ranking (141 economies)(a) in:
School life expectancy years 1 30 6 39 17 49 25 76 88 27
Diversity of workforce 3 7 14 65 16 106 86 78 80 1
Reliance on professional management 6 10 26 32 25 12 54 51 41 3
Willingness to delegate authority 8 7 22 42 16 27 85 57 71 17
Ratio of wage and salaried female workers/
male workers
10 39 12 23 27 62 59 56 128 31
Mobile-broadband subscriptions1 10 7 34 42 58 2 21 36 116 6
Scientific publications scores 10 1 2 5 3 6 18 13 21 23
Critical thinking in teaching 11 9 14 36 10 87 82 25 55 21
United Nations Human Development
Report 2019 Ranking (189 economies)(b) in:
Human development index2 8 17 13 26 6 19 23 85 131 11
IMD World Competitiveness Yearbook
2020 Ranking (63 economies)(c) in:
Foreign tertiary students per 100 inhabitants 1 29 7 24 23 45 41 55 60 4
Availability of finance skills 6 10 14 23 22 53 28 31 25 7
Availability of foreign highly skilled personnel 9 2 18 28 20 54 43 32 46 5
Attracting and retaining talent 10 6 32 33 22 14 11 29 37 18
The Global Innovation Index 2020
Ranking (131 economies)(d) in:
E-participants3 5 5 5 13 23 5 1 29 15 13
Entertainment & media market4 7 2 8 15 12 5 18 37 60 20
Government's online services 7 2 4 4 17 9 4 34 9 2
Human capital and research5 9 12 10 13 5 24 1 21 60 8
Citable documents H-index6 10 1 1 5 3 6 17 13 21 23
Generic top-level domains (TLDs)7, 8 10 1 11 18 14 31 43 74 99 23
Why Australia Benchmark Report 2021 30
Notes: 1. The number in brackets represents the country’s global ranking
across 141 countries. The digital readiness of a country is determined by
examining seven components. These are standardised and summed to obtain
an overall digital readiness score measured out of a possible total of 25 points.
The seven components are basic needs; human capital; ease of doing business;
business and government investment; startup environment; technology
infrastructure; and technology adoption.
Sources: Cisco, 2019, Global Digital Readiness Index; Austrade
Cisco Global Digital Readiness Index1, 2019Tech-savvy talent
According to industry reports, Australia’s
population scores highly for digital skills. The
annual Digital Readiness Index published by
Cisco ranks Australia third in the Asia-Oceania
region, and twelfth globally. Australia scored
highly across all seven components of digital
readiness: basic needs; human capital; ease
of doing business; business and government
investment; startup environment; technology
infrastructure; and technology adoption.
Sin
ga
po
re (
1)
Lu
xe
mb
ou
rg (
2)
US
(3
)
Ko
rea
(8
)
Fin
lan
d (
11)
Au
stra
lia
(1
2)
UK
(13
)
Ge
rma
ny
(14
)
Ne
w Z
ea
lan
d (
15)
Jap
an
(16
)
Ca
na
da
(17
)
Fra
nc
e (
23
)
Sp
ain
(2
6)
Ma
lay
sia
(3
8)
Ru
ss
ia (
45
)
Ch
ina
(5
4)
Th
aila
nd
(5
5)
Me
xic
o (
66
)
Bra
zil
(6
7)
Vie
tna
m (
70
)
Ind
on
es
ia (
73
)
Ph
ilip
pin
es
(8
1)
Ind
ia (
101)
20.319.5
19.018.2
18.0 17.9 17.9 17.8 17.7 17.7
13.212.3 12.3
17.3
16.215.7
14.313.6
13.2
12.1 11.711.0
9.5
Why Australia Benchmark Report 2021 31
Notes: Opensignal is the independent global standard for understanding the
true state of the world’s mobile networks based on measurements of real user
experience.
Sources: Opensignal, 2020, Benchmarking the global 5G user experience,
October 2020; Kongaut, Chatchai & Bohlin, Erik, 2014. “Impact of broadband
speed on economic outputs: An empirical study of OECD countries,” 25th
European Regional ITS Conference, Brussels 2014 101415, International
Telecommunications Society (ITS); Austrade
Disclaimer: Figures were reproduced with permission of Opensignal from
Benchmarking the global 5G user experience, published on 13 October©
2020 Opensignal Limited - All rights reserved. https://www.opensignal.
com/2020/10/13/benchmarking-the-global-5g-user-experience-october-
update
Mobile download speeds by market, during 1 July 2020 to 28 September 2020
Average download speed (Mbps)
First-rate digital and mobile networks
Australia’s 5G network is superb by international
standards. Average download speeds are
currently far faster than in many major
economies, including the US, Germany, the UK
and Canada. Access to high-speed internet and
mobile networks is central to economic growth
and job creation. A study across OECD countries
found that an increase in internet speed
positively affected GDP per capita.
US
Ne
the
rla
nd
s
Ge
rma
ny
Ho
ng
Ko
ng
SA
R
UK
Sw
itz
erl
an
d
Th
aila
nd
Ita
ly
Ca
na
da
Ku
wa
it
Sp
ain
Ta
iwa
n
Au
stra
lia
Ko
rea
Sa
ud
i Ara
bia
4G Download Speed
5G Download Speed
29
5260
93
32
107
24
129
25
130
47
166
11
170
29
171
58
184
26
185
29
201
33
212
43
216
61
336
377
30
Why Australia Benchmark Report 2021 32
Expenditure on educational institutions across OECD countries1
As a percentage of gross domestic product, 20172
Notes: 1. Expenditure on all public and private institutions. 2. Latest
data available from OECD database: https://stats.oecd.org/Index.
aspx?DataSetCode=EAG_FIN_RATIO.
Sources: Organisation for Economic Co-operation and Development, 2020,
OECD.Stat; Austrade
Significant investment in education
Australia ranks seventh for spending on
educational institutions as a proportion of
GDP, among OECD countries. At 6.0%, the
country exceeds the OECD average of 4.9%.
Comparatively, Australia scores even higher
marks for tertiary education. Spending in higher
education increased from 1.5% of GDP in 2005
to 2.0% in 2017, propelling Australia into fourth
place among OECD countries.
No
rwa
y (
1)
Ne
w Z
ea
lan
d (
2)
Ch
ile (
3)
UK
(4
)
Isra
el (
5)
US
(6
)
Au
stra
lia
(7
)
Ca
na
da
(8
)
Co
lom
bia
(10
)
De
nm
ark
(12
)
Sw
ed
en
(13
)
Fin
lan
d (
15)
Sp
ain
(2
4)
Me
xic
o (
21)
Ko
rea
(18
)
Ge
rma
ny
(2
6)
Jap
an
(2
7)
Ita
ly (
30
)
Ire
lan
d (
33
)
Lu
xe
mb
ou
rg (
35
)
Total tertiary education
Primary, secondary education andpost-secondary non-tertiary education6.6
6.3 6.3 6.36.2 6.1
5.96.0
5.7
5.25.5 5.4
3.2
4.4 4.3 4.2
5.0
3.9
3.4
4.0
OECD average (4.9%)
Why Australia Benchmark Report 2021 33
Notes: GERD % of GDP and GDP Values (PPP) refer to 2018 except for
Australia, New Zealand and Brazil (2017), and South Africa (2016). Researcher
figures refer to 2018 except for Australia (2010), Brazil (2014), Mexico and
South Africa (2016), US, Canada and New Zealand (2017). All data were sourced
from OECD Dataset: Main Science and Technology Indicators except for Brazil,
India and Indonesia from the UNESCO Institute for Statistics (UIS).
Sources: Organisation for Economic Co-operation and Development, 2020,
OECD Dataset: Main Science and Technology Indicators; United Nations
Educational, Scientific and Cultural Organization, 2020, UIS Statistics;
Austrade
World of research and development
Size of circle reflects the relative amount of annual gross domestic expenditure on R&D (GERD)
in US$ current prices and purchasing power parity terms
A big spender on research and development
Australia’s annual gross domestic expenditure on
research and development (GERD) reached
A$34 billion in 2018–19. This places Australia
alongside the UK, Singapore and France as
one of the highest spenders on research and
development (R&D). Australia’s trend in R&D is
upwards. GERD rose by around 7% per year from
2000–01 to 2018–19 and it now represents 1.8%
of Australian GDP. This creates a pool of skilled
researchers who are globally competitive.
0.0
4.0
12.0
8.0
16.0
18.0
Italy
New Zealand
Russia
Canada
France Germany
NetherlandsUK
1.0 2.0 3.0 5.04.00.0
Turkey
Spain
Brazil
Gross domestic expenditure on R&D as a percentage of GDP
SouthAfrica
Indonesia
India
Nu
mb
er
of
res
ea
rch
ers
pe
r 1
,00
0 e
mp
loy
ee
s
Sweden
Japan
Korea
US
Australia
Taiwan
Mexico
Singapore
China
BRICS
North America
EU
Other OECDmembers
Other countries
GERD US$ current prices (PPP terms)Regions
>100 billion
20 billionto 100 billion
< 20 billion
Germany
Why Australia Benchmark Report 2021 34
Sources: InCitesTM, Clarivate Analytics, 2020, InCities dataset, data as at
29 October 2020; Austrade
Relative impacts of Australian scientific publications by research field, 2015–19High-impact research across multiple fields
Australia’s research publications achieve an
impact that is at least 20% above the global
average in 20 out of 22 fields of academic
research. Australia’s four strongest categories
of published research are in space science,
physics, computer science and clinical medicine.
The 20 categories where Australia outscores
the global average reflect our diverse research
skills.
Space science
Physics
Computer science
Clinical medicine
Multidisciplinary
Engineering
Molecular biology and genetics
Materials science
Environment/ecology
Plant & animal science
Immunology
Mathematics
Biology & biochemistry
Geosciences
Microbiology
Agricultural sciences
Chemistry
Pharmacology & toxicology
Neuroscience & behavior
Psychiatry/psychology
Social sciences, general
Economics & business
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0
1.77
1.76
1.66
1.65
1.64
1.52
1.51
1.48
1.45
1.41
1.38
1.37
1.37
1.37
1.36
1.34
1.29
1.27
1.25
1.23
1.17
1.08
Global average: 1.0
Very high index
High index
Why Australia Benchmark Report 2021 35
Health research by country1
Life science2 count score, 1 September 2019 – 31 August 2020
A pioneer in health sciences and practical medicine
Australia is one of the world’s top 10 countries
for contributing to life sciences research.
According to an index published by Nature, one
of the world’s oldest science journals, Australian
researchers and institutes published 1,168
academic articles in accredited journals in
2019–20. This puts Australia ahead of
Switzerland and Israel, and just behind France,
Canada and Japan.
Notes: 1. The number in brackets indicates the country’s ranking across 170
countries. 2. This list of life sciences comprises the branches of science that
involve the scientific study of life and organisms – such as microorganisms,
plants, and animals including human beings.
Sources: Nature, 2020, Life Science Index; Austrade
US
(1)
UK
(2
)
Ge
rma
ny
(3
)
Ch
ina
(4
)
Fra
nc
e (
5)
Au
stra
lia
(8
)
Ca
na
da
(6
)
Jap
an
(7
)
Sw
itz
erl
an
d (
9)
Sw
ed
en
(12
)
Isra
el (
15)
Ko
rea
(16
)
Sin
ga
po
re (
19)
Fin
lan
d (
20
)
No
rwa
y (
21)
Bra
zil
(22
)
Ind
ia (
23
)
Ru
ss
ia (
24
)
Ne
w Z
ea
lan
d (
31)
UA
E (
54
)
12,703
3,536
3,1353,038
1,734
1,531
1,346
1,168 1,133
255 229 222
835
540 503360
287 281165
28
Why Australia Benchmark Report 2021 36
Sources: Shanghai Ranking Consultancy, 2020, The Academic Ranking of
World Universities; Austrade
Academic ranking of world universities, 2020Top-ranking academic institutions
Seven Australian universities are in the world’s
top 100, according to the 2020 Academic
Ranking of World Universities (ARWU),
published by the Shanghai Ranking Consultancy.
Australia’s academic performance keeps rising.
In 2020, 23 Australian universities were listed in
the ARWU top 500 ranking, compared with just
14 in 2004. The top performers are: University
of Melbourne; University of Queensland;
Australian National University; University of
New South Wales; University of Sydney; Monash
University; and University of Western Australia.
Economies Top 100 Top 200 Top 300 Top 400 Top 500 501 to
1000
Top 1 to
Top 1000
1 US 41 65 94 114 133 73 206
2 UK 8 20 28 34 36 29 65
3 Australia 7 8 15 22 23 11 34
4 China 6 22 32 49 71 73 144
5 France 5 8 12 16 17 13 30
6 Switzerland 5 7 7 7 8 1 9
7 Germany 4 10 19 24 30 19 49
8 Canada 4 9 12 18 19 9 28
9 Netherlands 4 9 10 10 12 1 13
10 Japan 3 7 8 10 14 26 40
11 Sweden 3 5 6 9 11 3 14
12 Belgium 2 4 5 7 7 1 8
13 Denmark 2 3 3 5 5 1 6
14 Singapore 2 2 2 2 2 2 4
15 Israel 1 4 4 4 6 1 7
16 Norway 1 2 2 3 3 2 5
17 Russia 1 1 1 2 3 8 11
18 Finland 1 1 1 2 3 5 8
19 Italy 0 3 7 10 17 29 46
20 Hong Kong SAR 0 2 4 5 5 2 7
21 Saudi Arabia 0 2 3 3 4 0 4
22 Korea 0 1 6 9 11 21 32
23 Spain 0 1 5 9 13 27 40
24 Austria 0 1 3 5 7 7 14
25 Brazil 0 1 1 3 6 16 22
Top 1 to 25 economies 100 198 290 382 466 380 846
Top 26 to 63 economies 0 2 10 18 34 120 154
Total 100 200 300 400 500 500 1,000
Why Australia Benchmark Report 2021 37
Canada: 13 universitiesAustralia: 15 universities
Countries with1 university
China, Denmark,Hong Kong SAR,India, Iran, Mexico,Netherlands,Norway, Portugaland South Africa
Countries with2 universities
Brazil, Finland, France,Italy, Malaysia, Korea,Sweden and Taiwan
Countrieswith 3universities
Japan, Indonesia,Russia andthe US
Countrieswith 5universities
Ireland andNew Zealand
UK: 20 universities
Spain:4 universities
University of Sydney 2
Western Sydney University 3
La Trobe University 4
RMIT University 10
Monash University 17
University of Wollongong 31
University of Newcastle 45
University of Tasmania 47
Deakin University 55
Charles Sturt University 61
UNSW Sydney 66
Queensland University of Technology 70
Edith Cowan University 83
University of South Australia 87
Charles Darwin University 99
The world university rankings 2020: Impact on United Nations Sustainable Development Goals (SDGs)1
A leading contributor to UN Sustainable Development Goals
Australian universities are good global citizens
when it comes to tackling poverty, gender
equality and climate change. This makes
Australian universities attractive partners for
collaborative research into sustainability, global
development and technology. It also encourages
overseas students to apply to Australian
universities. According to the UK’s Times Higher
Education Impact Rankings, 15 Australian
universities made it into the top 100 for having
an impact on UN Sustainable Development
Goals.
Notes: 1. To put together the ranking, the Times Higher Education mapped
how universities around the world are implementing to the 17 SDGs. The SDGs
are a global call to action to tackle poverty, climate change and inequality.
Universities were invited to submit data on how they were progressing on the
SDGs. More than 700 universities were ranked this year across the SDGs.
Sources: The Times Higher Education, 2020, Impact Rankings; Austrade
Australia Global ranking
Why Australia Benchmark Report 2021 38
Notes: 1. Data refers to 2000 or the closest available year, and to 2019 or the
most recent available year. The OECD information is the simple average based on
rates presented. For Japan and Korea, the data refers to the foreign population
rather than the foreign-born population. 2. Israel’s high fertility rate and lower
net migration rate reduced its percentage of foreign-born population.
Sources: Organisation for Economic Co-operation and Development, 2020,
International Migration Outlook, Figure 1.12; Austrade
Foreign-born population across OECD countries, 2000 and 20191
As a percentage of total population
A warm welcome for talented migrants
Throughout its history, Australia has welcomed
immigrants from across the globe. In 2019,
Australia had the third highest proportion of
foreign-born citizens among OECD countries.
In 2019, 29% of our population was born
overseas, twice the average for OECD countries.
Migrants contribute directly to Australian trade
with their intercultural understanding and vital
language skills – especially in Asian languages.
Jap
an
(3
3)
Ko
rea
(3
2)
Ch
ile (
29
)
De
nm
ark
(2
4)
Gre
ec
e (
22
)
Fra
nc
e (
19)
Ne
the
rla
nd
s (
18)
US
(17
)
UK
(16
)
OE
CD
av
era
ge
Sp
ain
(15
)
No
rwa
y (
13)
Ge
rma
ny
(12
)
Be
lgiu
m (
11)
Ire
lan
d (
10)
Au
str
ia (
8)
Sw
ed
en
(7
)
Ca
na
da
(6
)
Isra
el²
(5)
Ne
w Z
ea
lan
d (
4)
Au
stra
lia
(3
)
Sw
itz
erl
an
d (
2)
Lu
xe
mb
ou
rg (
1)
Me
xic
o (
35
)
1 2 2
4
11
2019
2000
1213 13
14 14 14 14
16 1617
1819 19
47
3029
27
21 21
Why Australia Benchmark Report 2021 39
Asian markets power export success 42
Strong trade links across the Asian region 43
Diverse exports provide resilience in a difficult year 44
A high-growth destination for A$4 trillion of foreign investment 45
A magnet for investment from North America, Europe and Asia 46
Foreign direct investment flows into Australia’s services sector 47
Australia’s liberalised trade with Asia 48
GLOBAL TIES04
Why Australia Benchmark Report 2021 40
Free trade agreements that
spark competitiveness
Australia is an open economy that is deeply
integrated in global trade. A network of 15
free trade agreements grants Australian
exporters preferential access to markets
across Asia, and in North and South America.
In 2020, Australia joined the world’s
largest free trade agreement, the Regional
Comprehensive Economic Partnership
(RCEP). The RCEP encompasses 2.3 billion
people and 30% of global GDP. Australia is
negotiating further trade agreements with
the United Kingdom (UK), the European
Union (EU) and India.
Around three-quarters of Australia’s two-
way trade occurs within the Asia-Pacific
region. Market diversification is underway to
build a resilient trading network.
Australia also maintains strong trading links
with traditional partners. The EU and the
UK together account for 13.2% of Australian
trade and the US another 9.3%.
Investors trust Australia as a stable and
highly profitable destination for investment
capital. Despite bushfires, drought and
lockdowns, foreign investment grew 2.5%
in 2020.
Sustained investment in Australia
demonstrates our ongoing appeal. Over the
past 20 years, the total stock of foreign
investment in Australia has grown, on
average, 8% per year. The US, the EU, Japan,
the UK and Canada are still our biggest
investors.
GLOBAL TIES04
Why Australia Benchmark Report 2021 41
Australia’s top 15 export markets, 2019–20
Notes: The Asian region is defined as Asia and Oceania.
Sources: Department of Foreign Affairs and Trade, 2020, Trade statistics,
Trade in goods and services: 2019–20 financial year; Austrade
Asian markets power export success
Close integration with dynamic economies in
Asia drives wealth creation in Australia. Twelve
of Australia’s top 15 export markets are in the
Asian region, generating total exports worth
A$357 billion in 2019–20 (three-quarters
of our total exports of goods and services).
China receives about one-third. A further 32%
collectively go to Japan, Korea, the US, the UK
and India.
Upper medium (A1, A2, A3)China A1Japan A1Malaysia A3
Lower medium (Baa1, Baa2, Baa3)Thailand Baa1Indonesia Baa2India Baa3
Prime (Aaa)Germany AaaNew Zealand AaaSingapore AaaUS Aaa
Credit rating (Moody’s):
High (Aa1, Aa2, Aa3)Korea Aa2Hong Kong SAR Aa3UK Aa3Taiwan Aa3
Non-investment (Ba1, Ba2, Ba3)Vietnam Ba3
5. UK A$20.9bn
1. China A$167.8bn
6. India A$18.6bn
9. Taiwan A$13.1bn
3. Korea A$27.6bn
2. Japan A$56.1bn
11. Hong Kong SAR A$9.7bn
10. Malaysia A$10.5bn
7. Singapore A$16.9bn
12. Vietnam A$8.0bn
8. New Zealand A$15.7bn
13. Indonesia A$7.9bn
14. Thailand A$5.3bn
4. US A$27.4bn15. Germany A$5.0bn
Total: A$475bn
Why Australia Benchmark Report 2021 42
Notes: 1. Totals may not always add up exactly due to rounding. Refer to the
DFAT website (www.dfat.gov.au/trade/Pages/trade-and-investment) for more
information. 2. Asia Pacific Economic Cooperation 3. Regional Comprehensive
Economic Partnership 4. Association of South East Asian Nations. 5. The Asian
region is defined as the 21 economies that are members of the APEC forum.
CAGR = compound annual growth rate.
SAR = Special administrative region of China.
Sources: Department of Foreign Affairs and Trade, 2020,Trade statistics,
Trade time series data; Australian Bureau of Statistics, 2020, Australian
National Accounts: National Income, Expenditure and Product, Table 3;
Austrade
Australia’s exports and imports of goods and services
Current prices (A$ billion)
Strong trade links across the Asian region
Australia is a highly globalised economy, with
trade accounting for 44% of nominal GDP.
The Asian region5 accounted for almost three-
quarters of two-way trade in goods and services
in 2019–20. Although China is Australia’s largest
trading partner, trade is diversified across
the region. For example, the ASEAN group
of countries accounts for 13% of Australia’s
two-way trade, a higher percentage than with
the EU. The new Regional Comprehensive
Economic Partnership was officially inaugurated
in November 2020, and this bloc currently
accounts for almost 60% of Australia’s two-way
trade.
Rank
Selected economies
2016–17
2017–18
2018–19
2019–20
Percentage
of GDP in
2019–20
Share (%) of
total in
2019–20
CAGR (%)
From 2014–15
to 2019–20
1 China 174.3 195.0 235.1 251.2 12.7 28.8 11.7
2 US 66.5 69.9 76.7 80.8 4.1 9.3 4.1
3 Japan 68.5 77.4 88.3 79.1 4.0 9.1 3.2
4 Korea 38.6 52.4 41.4 38.9 2.0 4.5 1.7
5 UK 27.8 28.1 30.5 36.7 1.9 4.2 9.8
6 Singapore 24.7 27.9 32.1 31.1 1.6 3.6 1.9
7 New Zealand 26.4 28.3 30.6 28.7 1.4 3.3 3.1
8 India 25.7 29.1 30.4 26.2 1.3 3.0 7.3
9 Germany 20.9 22.4 23.2 21.8 1.1 2.5 4.1
10 Malaysia 19.8 21.4 25.1 21.6 1.1 2.5 1.5
11 Thailand 21.8 24.6 24.7 21.6 1.1 2.5 1.0
12 Taiwan 14.7 15.9 19.7 18.8 1.0 2.2 7.6
13 Indonesia 16.5 16.7 17.7 16.2 0.8 1.9 0.7
14 Vietnam 11.8 13.3 15.5 15.2 0.8 1.7 7.6
15 Hong Kong SAR 19.7 18.7 15.3 13.2 0.7 1.5 -3.2
Other economies 159.0 158.7 186.3 171.9 8.7 19.7 2.4
Total all economies1 737.0 799.7 892.6 873.1 44.1 100.0 5.3
By regions and groups
APEC2 528.3 587.0 652.1 645.3 32.6 73.9 5.8
RCEP3 408.9 463.2 518.4 511.7 25.8 58.6 6.5
ASEAN4 101.0 110.1 123.0 113.8 5.7 13.0 2.4
EU plus UK 100.7 106.5 114.9 115.4 5.8 13.2 5.4
Why Australia Benchmark Report 2021 43
Notes: 1. Goods on a recorded trade basis, Services on balance of payments
(BOP) basis, original data; 2. Includes the DFAT adjustment for coal, based
on the ABS Catalogue 5368.0 September 2020, Value adjustments; 3. BOP
adjustment includes low-value goods for imports and timing and valuation
adjustments. 4. BOP basis. 5. Includes student expenditure on tuition fees and
living expenses.
Sources: Department of Foreign Affairs and Trade, 2020, Trade Statistics,
Monthly trade data; Department of Foreign Affairs and Trade, 2020, Trade in
goods and services, Australia’s goods and services by top 25 exports 2019–20;
Austrade
Australia’s trade in goods and services, 2019–20
Total two-way trade in 2019–20: A$873 billion
Diverse exports provide resilience in a difficult year
The value of Australia’s exports of goods and
services reached almost A$475 billion in
2019–20, about a 1% increase in challenging
times. Primary products accounted for 63% of
total exports. Iron ore exports increased by 32%
while coal exports fell by 22%. Beef exports also
increased, partly thanks to our high agricultural
standards. Overall, services exports declined
by 5%. This is because Australia’s diversified
services exports – including IT, telecoms, and
professional and financial services – didn’t quite
compensate for the fall in international travel.
Australia’s trade by level of processing1 A$ billion % Change
Exports of goods & services 2018–19 2019–20
Primary products2 294.5 298.8 1.5
Unprocessed food 13.8 14.3 3.5
Processed food 28.8 30.8 6.8
Minerals 109.6 132.2 20.6
Fuels2 132.0 114.8 -13.0
Other primary 10.3 6.7 -34.8
Manufactured products 53.8 52.2 -3.1
Simply transformed manufactures (excl nickel) 17.9 15.3 -14.5
Elaborately transformed manufactures 35.9 36.9 2.7
Other goods (incl gold) 24.2 30.7 26.8
Services exports 97.3 92.3 -5.1
Balance of payments adjustment3 0.9 0.9 -3.7
Total exports4 470.8 475.0 0.9
Imports of goods & services
Primary products2 64.2 57.7 -10.1
Unprocessed food 2.3 2.5 8.5
Processed food 18.4 19.7 6.8
Minerals 1.2 1.2 -2.5
Fuels 40.2 32.5 -19.1
Other primary 2.1 1.8 -11.8
Manufactured products 231.0 227.7 -1.4
Simply transformed manufactures (excl nickel) 15.4 16.6 7.9
Elaborately transformed manufactures 215.6 211.0 -2.1
Other goods (incl gold) 11.4 13.3 15.9
Services imports 101.8 87.4 -14.1
Balance of payments adjustment3 13.3 12.1 -9.1
Total imports4 421.8 398.2 -5.6
Two-way trade 892.6 873.1 -2.2
Top 13 commodities (goods & services)1 A$ billion % Change
Exports of goods & services 2018–19 2019–20
Rank Commodity
1 Iron ores & concentrates 77.5 102.7 32.4
2 Coal4 69.6 54.1 -22.2
3 Natural gas 49.7 47.5 -4.4
4 Education-related travel services5 37.8 37.5 -0.7
5 Gold 18.9 24.4 29.3
6 Personal travel (excl education) services 22.5 16.3 -27.2
7 Beef (fresh, chilled or frozen) 9.5 11.3 18.8
8 Aluminium ores & conc (incl alumina) 11.4 8.9 -21.9
9 Crude petroleum 8.5 8.6 0.9
10 Copper ores & concentrates 6.0 6.7 11.9
11 Professional services 5.6 6.0 7.0
12 Telecom, computer & information services 4.7 5.4 13.9
13 Financial services 5.0 5.3 7.3
Imports of goods & services 2018–19 2019–20
Rank Commodity
1 Personal travel (excl education) services 46.3 33.3 -28.2
2 Refined petroleum 25.1 21.7 -13.6
3 Passenger motor vehicles 21.6 19.1 -11.5
4 Telecom equipment & parts 14.6 15.2 4.4
5 Computers 9.8 10.4 6.5
6 Freight services 10.1 10.4 2.6
7 Crude petroleum 13.4 9.5 -29.5
8 Gold 5.5 8.8 59.7
9 Professional services 7.7 8.6 10.8
10 Medicaments (incl veterinary) 7.5 8.1 8.6
11 Goods vehicles 10.6 8.1 -23.6
12 Pharm products (excl medicaments) 4.8 6.1 25.5
13 Telecom, computer & information services 4.6 5.7 23.3
Why Australia Benchmark Report 2021 44
Total foreign investment stock in Australia, 2000 to 2020
Total value in 2020: A$4.0 trillion
A high-growth destination for A$4 trillion of foreign investment
Australia is a highly attractive destination for
foreign direct investment (FDI). The total stock
of FDI in Australia has risen, on average, by
8.0% per year since 2000, reaching A$1 trillion
in 2020. Other forms of investment – including
portfolio investment – grew by 8.4% per year,
taking total foreign investment to A$4 trillion.
As a percentage of GDP, the total value of
foreign investment stock grew from 120% in
2000 to 206% in 2020. Foreign investment was
depressed by drought, bushfires and lockdowns
in 2020, but still grew by 2.5%.
Notes: 1. Other investment is the balance of total investment less direct
investment. As such, it represents portfolio investment, financial derivatives
and other investment categories from the source ABS data.
Sources: Australian Bureau of Statistics, 2021, Balance of Payments and
International Investment Position, Australia, Table 15; Australian Bureau of
Statistics, 2021, Australian National Accounts: National Income, Expenditure
and Product, Table 1; Austrade
0
1,000
2,000
3,000
4,000
5,000
Fo
reig
n in
ve
stm
en
t st
oc
k (
A$
bil
lio
n)
Fo
reig
n in
ve
stm
en
t st
oc
k a
s a
pe
rce
nta
ge
of
GD
P
0
25
50
75
100
125
150
175
200
120%
206%
Other Investment1 (left-hand axis, 8.4%)
Direct Investment (left-hand axis, 8.0%)
Total Investment as a % of GDP (right-hand axis)
20
01
20
00
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
09
Why Australia Benchmark Report 2021 45
Notes: ASEAN = The Association of Southeast Asian Nations. CAGR = compound
annual growth rate. np = not available for publication but included in totals
where applicable, unless otherwise indicated. SAR = Special administrative
region of China.
Sources: Australian Bureau of Statistics, 2020, International Investment
Position, Australia: Supplementary Statistics 2019, Table 2; Australian Bureau
of Statistics, 2020, Australian National Accounts: National Income, Expenditure
and Product, Table 3; Austrade
Australia’s main sources of foreign direct investment stock, 2009–2019
Total value in 2019: A$1 trillion
A magnet for investment from North America, Europe and Asia
Australia attracts investment from around the
world. Over the past decade, foreign direct
investment from China grew by 18% per year;
Canada by 14%; Malaysia by 13%; Hong Kong
SAR by 12%; and Korea by 19%. Australia’s top
three overseas investors are the US, the UK and
Japan, with holdings equivalent to 10.3%, 6.4%
and 5.8% of Australia’s GDP respectively.
Rank
2019
Country
2009
A$ billion
2017
A$ billion
2018
A$ billion
2019
A$ billion
% Share
2019
% CAGR
2009–2019
Growth ($bn)
2009–2019
% of Australian
GDP, 2019
1 US 98.2 199.2 219.5 205.2 20.1 7.6 107.0 10.3
2 UK 61.0 89.4 98.8 127.1 12.5 7.6 66.2 6.4
3 Japan 45.6 97.9 109.1 116.1 11.4 9.8 70.5 5.8
4 Netherlands 31.4 55.9 52.0 54.8 5.4 5.7 23.4 2.7
5 Canada 12.2 32.6 40.4 47.1 4.6 14.4 34.9 2.4
6 China 9.1 38.4 41.8 46.0 4.5 17.6 36.9 2.3
7 Bermuda 9.5 42.2 44.5 41.6 4.1 15.9 32.1 2.1
8 Singapore 16.7 27.7 32.7 36.1 3.5 8.0 19.3 1.8
9 Germany 18.1 24.0 24.3 22.0 2.2 2.0 3.9 1.1
10 Virgin Islands, British np 20.8 22.0 21.9 2.1 np np 1.1
11 Hong Kong SAR 5.4 15.9 17.9 16.1 1.6 11.5 10.7 0.8
12 Malaysia 4.5 13.5 14.1 14.7 1.4 12.7 10.3 0.7
13 France 13.0 6.3 27.5 12.6 1.2 -0.3 -0.4 0.6
14 Switzerland 17.8 9.7 11.3 10.5 1.0 -5.1 -7.2 0.5
15 Luxembourg 3.2 9.4 8.4 8.1 0.8 9.6 4.8 0.4
16 Korea 1.3 5.4 6.8 7.5 0.7 19.3 6.2 0.4
Other economies 143.1 208.5 223.2 239.5 23.5 5.3 96.3 12.0
FDI stock – all economies 490.2 896.9 994.3 1,019.5 100.0 7.6 529.3 51.1
OECD 327.4 547.4 618.6 630.8 61.9 6.8 303.4 31.5
APEC 200.6 442.0 494.6 500.7 49.1 9.6 300.1 25.0
EU 144.8 196.0 224.5 238.1 23.4 5.1 93.3 11.9
ASEAN 22.1 46.6 52.6 56.6 5.6 9.9 34.5 2.8
FDI stock as a percentage of GDP 38.9 49.6 52.3 51.0
Why Australia Benchmark Report 2021 46
Foreign direct investment stock in Australia by industry – value and percentage share
Total value: A$1 trillion in 2019
Foreign direct investment flows into Australia’s services sector
Foreign direct investment (FDI) powers
productivity growth in Australia’s domestic and
export industries. Services take just over half
of all FDI. From 2014–2019, FDI in services grew
by 10.7% per year which is twice the rate of FDI
growth in goods industries. Financial services is the
largest recipient in the services sector. Australia’s
export-focused mining sector is the biggest
primary-industry beneficiary, accounting for 35.3%
of the total, or A$360 billion. FDI in Australian
manufacturing currently stands at A$131 billion, or
12.9% of the total.
Notes: 1. Other includes administrative and support service activities
(A$7.9bn); public administration, activities of households and of
extraterritorial organisations (np); education (np); human health and social
work activities (A$3.4bn); arts, entertainment and recreation (np); other
service activities (np); and unallocated (A$114.5bn).
np = not available for publication.
Sources: Australian Bureau of Statistics, 2019, International Investment
Position, Australia: Supplementary Statistics, Table 15; Austrade
Mining A$360.1bn, 35.3%
Manufacturing A$131.4bn, 12.9%
Financial and Insurance A$113.2bn, 11.1%
Agriculture, Forestry and Fishing A$3.4bn, 0.3%
Real Estate A$110.9bn, 10.9%
Wholesale and Retail Trade and Related Industries A$60.3bn, 5.9%
Information and CommunicationsA$30.5bn, 3.0%
Transportation and Storage A$23.3bn, 2.3%
Utilities and Related Industries A$21.7bn, 2.1%
Construction A$18.1bn, 1.8%
Accommodation and Food Service A$9.3bn, 0.9%
Professional, Scienti�c and Technical A$8.0bn, 0.8%
Other1 A$129.2bn, 12.7%
Why Australia Benchmark Report 2021 47
Notes: 1. The Regional Comprehensive Economic Partnership has been
concluded but was not in force at the time of publication. As at March 2021,
Australia’s FTA negotiating agenda included: an Australia-European Union Free
Trade Agreement, an Australia-India Comprehensive Economic Cooperation
Agreement, an Australia-UK Free Trade Agreement, a Pacific Alliance Free
Trade Agreement and Trade in Services Agreement. Information on the status
of FTA negotiations can be found at: https://dfat.gov.au/trade/agreements/
Pages/trade-agreements.aspx. 2. The Pacific Agreement on Closer Economic
Relations Plus (PACER-Plus) entered into force in December 2020. Australia,
New Zealand, Samoa, Kiribati, Tonga, Solomon Islands, Niue and Cook Islands
are parties to the Agreement.
Sources: Department of Foreign Affairs and Trade, 2021, Australia’s free trade
agreements; Austrade
Australia’s liberalised trade with Asia
Australia benefits from 15 free trade agreements
(FTAs), including with the US, China, Japan and
Singapore, and with countries participating in
the Comprehensive and Progressive Agreement
for Trans-Pacific Partnership. These FTAs cover
approximately three-quarters of all Australian
trade. Today’s network covers multiple export
sectors, from agriculture and seafood to resources
and energy. They make Australia a natural gateway
for trade between Asia-Pacific economies.
Australia’s free trade agreements
China 2015 Korea 2014
Japan 2015
Thailand 2005
Malaysia 2013
Singapore 2003
Indonesia 2020
New Zealand 1983
Peru 2020
Chile 2009
United States 2005
Hong Kong SAR 2020
ASEAN-Australia-New Zealand Free
Trade Area (2010-11)
Comprehensive and Progressive
Agreement for Trans-Pacific
Partnership (2018-19)
Regional Comprehensive
Economic Partnership
(concluded, not yet in force)
PACIFIC ALLIANCE
(under negotiation)
Has a bilateral free trade agreement with Australia (with date of entry into force)1
Participates in an existing or prospective multilateral free trade agreement with Australia1
Ne
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ea
lan
dIn
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Bru
ne
i
Sin
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Me
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ile
AUSTRALIA’S MULTILATERAL FREE TRADE AGREEMENTS
Why Australia Benchmark Report 2021 48
One of the world’s most business-friendly countries 51
Lifestyle cities that are global drawcards 52
The fifth most valuable pension system in the world 53
Good governance, strong institutions and the rule of law 54
A stable and efficient business environment 55
Australian optimism and the entrepreneurial spirit 56
A global fifth place for digital government 57
Global top ten for high-income households 58
STRONG FOUNDATIONS05
Why Australia Benchmark Report 2021 49
A free society with good
governance and an
enterprising spirit
Australian enterprise and optimism go hand
in hand. Australia is one of the best places
in the world to start a company, gain credit
and conduct business. Our entrepreneurial
streak is underpinned by sound regulation, a
lack of corruption and the rule of law. These
qualities make Australia a secure base for
expansion into the Asia-Pacific region.
There’s another reason why companies
invest in Australia: people like living here.
Australia’s capital cities are the envy of
the world. They support a free and easy
lifestyle that appeals to immigrant families
and global professional talent. Australia is a
natural place to nurture new, global teams.
It is no surprise that our cities top
‘liveability’ rankings in the Asia-Oceania
region. Our cost of living is relatively low.
Australia also scores highly as a digital
nation. In 2020, the UN ranked Australia
fifth in the world for digital government
services. The World Economic Forum also
scores Australia fifth for e-participation.
Above all, we help workers build long-
term security. Australia is home to a
A$3 trillion asset management industry
thanks to a compulsory pension system.
As a percentage of GDP, this is the third
largest bloc of retirement savings assets in
the developed world.
STRONG FOUNDATIONS05
Why Australia Benchmark Report 2021 50
Key indicators of ease of doing business1One of the world’s most business-friendly countries
Australia is one of the easiest places in the world
to do business. According to rankings published
by the World Bank that compare the ease of doing
business in different countries, Australia rose four
places to 14th position in 2020. When comparing
economies with a population of more than 20
million, Australia now ranks fifth in the world,
behind Korea (first), the US (second), the UK (third)
and Malaysia (fourth). Australia ranked fourth for
gaining credit, sixth for enforcing contracts, and
seventh for ease of starting a business.
Economy
Overall
ranking
out of 190
economies
Rank
Strength of
legal rights
index
(0–12)
Depth
of credit
information
index (0–8)
Rank
Time
(days)
Quality
of judicial
processes
index (0–18)
Rank
Procedures
(number)
Time
(days)
Rank
Procedures
(number)
Time
(days)
New Zealand 1 1 12 8 23 216 9.5 1 1 0.5 7 11 93
Singapore 2 37 8 7 1 164 15.5 4 2 1.5 5 9 36
Hong Kong SAR 3 37 8 7 31 385 10.0 5 2 1.5 1 8 69
Denmark 4 48 8 6 14 485 14.0 45 5 3.5 4 7 64
Korea 5 67 5 8 2 290 14.5 33 3 8 12 10 28
US 6 4 11 8 17 444 14.6 55 6 4 24 16 81
UK 8 37 7 8 34 437 15.0 18 4 4.5 23 9 86
Malaysia 12 37 7 8 35 425 13.0 126 8 17 2 9 41
Australia 14 4 11 8 6 402 15.5 7 3 2 11 11 121
Taiwan 15 104 2 8 11 510 14.0 21 3 10 6 10 82
UAE 16 48 6 8 9 445 14.0 17 2 3.5 3 11 48
Thailand 21 48 7 7 37 420 8.5 47 5 6 34 14 113
Germany 22 48 6 8 13 499 12.5 125 9 8 30 9 126
Canada 23 15 9 8 100 910 11.0 3 2 1.5 64 12 249
Japan 29 94 5 6 50 360 7.5 106 8 11 18 12 108
China 31 80 4 8 5 496 16.5 27 4 9 33 18 111
France 32 104 4 6 16 447 12.0 37 5 4 52 9 213
Italy 58 119 2 7 122 1,120 13.0 98 7 11 97 14 190
India 63 25 9 7 163 1,445 10.5 136 10 17.5 27 15 106
Vietnam 70 25 8 8 68 400 7.5 115 8 16 25 10 166
Indonesia 73 48 6 8 139 403 8.9 140 11 13 110 18 200
South Africa 84 80 5 7 102 600 8.5 139 7 40 98 20 155
Philippines 95 132 1 7 152 962 7.5 171 13 33 85 22 120
Ease of
doing
business
Getting credit
Enforcing contracts
Starting a business
Dealing with
construction permits
Notes: 1. For more information on the ease of doing business metrics, please
visit the World Bank’s Doing Business website: https://www.doingbusiness.
org/en/rankings
Sources: The World Bank, 2020, Doing Business 2020: Sustaining the pace of
reforms; Austrade
Why Australia Benchmark Report 2021 51
Cost of living: City rankings in Asia and rest of world
Mercer: Cost of Living Index global rankings, March 2020
Lifestyle cities that are global drawcards
Australian cities have become more
internationally competitive for expatriates, with
a lower cost of living compared to most major
cities in the Asia-Oceania region according to
Mercer’s 2020 Cost of Living Index. This makes
Australia a cost-competitive destination for
international companies that want to relocate
employees and their families, as well as for
young workers who want to broaden their
horizons.
Notes: 1. The Mercer Cost of Living Index compares the cost of living across
more than 400 cities around the world. The cost of living in all Australian cities
is considered lower than Mumbai, Bangkok, Taipei, Osaka, Guangzhou, Seoul,
Beijing, Shanghai, Singapore, Tokyo and Hong Kong SAR.
Sources: Mercer, 2020, Cost of Living Index; Austrade
New Delhi 101
Mumbai 60
Tokyo 3
Osaka 22
Taipei 28
Hong Kong SAR 1
Guangzhou 20
Seoul 11
Jakarta 86
Kuala Lumpur 144Singapore 5
Bangkok 35
Yangon 83
Hanoi 116
Ho Chi Minh City 111
Manila 80
Shanghai 7Beijing 10
Auckland 103
Wellington 123
Ashgabat, Turkmenistan 2
Zurich, Switzerland 4
New York, US 6
N’Djamena, Chad 15
San Francisco, US 16
Los Angeles, US 17
London, UK 19
Milan, Italy 47
Paris, France 50
Frankfurt, Germany 76
Vancouver, Canada 94
Toronto, Canada 98
Other global rankings
Perth 104
Adelaide 126
Melbourne 99
Brisbane 126
Sydney 66
Canberra 118
Why Australia Benchmark Report 2021 52
Notes: 1. The assets/GDP ratio for individual markets is calculated in local currency
terms, and the total assets/GDP ratio is calculated in US$. Note that the ratio of
total pension assets to GDP declined from 2016 with the addition of China.
China’s pension assets represent about 1.5% of total GDP. 2. Only includes
autonomous pension funds. It does not consider insurance companies assets.
3. Includes Individual Retirement Accounts (IRAs). 4. Does not include the
unfunded benefit obligation of corporate pension plans (account receivables).
5. Only includes pension assets for company pension schemes. 6. Only includes
pension assets from closed entities. 7. Only includes Enterprise Annuity assets.
8. CAGR = compound annual growth rate. 9. na = not available for publication.
Sources: Willis Towers Watson, 2021, Thinking Ahead Institute and secondary
sources, Global Pension Funds Assets Study; Austrade
Global pension fund assets, 2020
Percentage of gross domestic product (GDP) ratio1
The fifth most valuable pension system in the world
Australia’s compulsory superannuation system
has helped create the world’s fifth largest pension
market, worth A$3 trillion (US$2 trillion) in 2020.
Australian pension funds also experienced one of
the highest growth rates of pension fund assets in
the world. Assets rose to 175% of GDP in 2020 – up
from 70% in 2000 – representing an annual growth
rate of 11.3% in US dollar terms. Rapid growth
reflects the vitality of Australia’s pension system,
a major driver of the country’s fast-expanding
managed funds industry.
0
20
40
60
80
100
120
140
160
180
200
220
Ne
the
rla
nd
s
Au
stra
lia
Sw
itz
erl
an
d2
US
3
UK
Ca
na
da
Fin
lan
d
Ma
lay
sia
Ch
ile
Jap
an
4
So
uth
Afr
ica
Ire
lan
d
Ko
rea
Ho
ng
Ko
ng
SA
R
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o
Ge
rma
ny
5
Bra
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e
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ia
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ain
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7
Average of 22 markets = 80% of world GDP1
Pe
ns
ion
as
se
ts a
s a
pe
rce
nta
ge
of
GD
P
Top 5 pension fund
markets
US$ billion
2000
US$ billion
2020E
Percentage share
of world total 2020
% 20-year CAGR8:
2000 to 2020
US 10,141 32,567 62.0 6.0%
Japan 2,418 3,613 6.9 2.0%
UK 1,256 3,564 6.8 5.4%
Canada 870 3,080 5.9 6.5%
Australia 275 2,333 4.4 11.3%
Other economies na9 7,365 14.0 na9
Total na9 52,522 100.0 na9
Why Australia Benchmark Report 2021 53
Worldwide governance indicators, 20201Good governance, strong institutions and the rule of law
The quality of governance in Australia ranks
among the best in the world. Australia’s
regulatory environment, rule of law and lack of
corruption are all graded highly by the World
Bank. In Australia, fair and effective governance
is seen as the foundation for economic growth
and a free society. It generates confidence in
Australia among major investors. It also makes
Australia a secure base for multinationals
seeking a base for expansion in the Asia-Pacific
region.
Notes: 1. The Worldwide Governance Indicators (WGI) project reports
aggregate and individual governance indicators for over 200 countries and
territories over the period 1996–2019, for six dimensions of governance in
the above table. These aggregate indicators combine the views of a large
number of enterprise, citizen and expert survey respondents in industrial
and developing countries. They are based on over 30 individual data sources.
Economy scores are reported as percentile ranks, with higher values indicating
better governance ratings.
Sources: The World Bank, 2020, The Worldwide Governance Indicators, 2020;
Austrade
Economy
Voice and accountability
Political stability and absence of violence/terrorism
Government effectiveness
Regulatory quality
Rule of law
Control of corruption
New Zealand 98.0 97.1 94.2 99.0 97.6 100.0
Norway 100.0 92.4 97.6 97.1 99.5 97.1
Switzerland 97.0 94.8 99.5 94.7 99.0 96.2
Luxembourg 96.6 95.7 95.7 95.2 95.7 98.1
Sweden 99.5 86.7 97.1 96.6 98.6 98.6
Finland 99.0 79.0 98.6 97.6 100.0 99.0
Australia 93.1 88.6 92.8 98.6 93.3 94.2
Denmark 98.5 83.8 99.0 92.3 98.1 97.6
Netherlands 97.5 75.7 96.6 98.1 96.2 96.6
Canada 96.1 85.2 95.2 95.7 94.7 93.3
Germany 95.1 66.7 93.3 96.2 92.3 95.2
Ireland 94.6 82.4 86.5 93.3 88.9 89.4
Singapore 39.4 97.6 100.0 100.0 96.6 99.5
UK 90.6 63.8 90.4 93.8 91.3 93.8
Japan 78.3 85.7 93.8 88.5 90.4 89.9
France 87.7 58.6 89.4 90.9 89.4 88.9
Taiwan 80.3 70.5 90.9 90.4 85.1 82.7
US 78.8 57.6 91.3 88.9 89.9 84.6
Hong Kong SAR 54.2 36.7 96.2 99.5 91.8 92.3
Korea 72.9 61.4 88.5 82.2 86.1 76.9
Italy 79.8 61.0 69.2 76.9 61.5 62.0
Malaysia 43.3 51.0 79.3 73.6 73.1 62.5
India 57.6 21.4 59.6 48.6 52.4 47.6
Indonesia 52.7 28.1 60.1 51.4 42.3 38.0
Thailand 24.1 26.7 65.9 60.6 57.7 39.4
Brazil 58.6 24.8 43.8 48.1 47.6 42.3
Philippines 47.3 16.7 54.8 55.3 34.1 31.3
Mexico 45.3 21.0 45.7 59.6 27.4 22.6
China 6.4 38.1 71.6 42.8 45.2 43.3
Vietnam 11.8 53.8 53.8 41.8 53.4 34.1
Why Australia Benchmark Report 2021 54
Notes: 1. Debt Dynamics measures the change in public debt-to-GDP ratio,
weighted by a country’s credit rating and debt level in relation to its GDP.
2. Social Capital measures national performance in three areas: social
cohesion and engagement (bridging social capital), community and family
networks (bonding social capital), and political participation and institutional
trust (linking social capital). 3. Trade Openness comprises indicators of
Prevalence of Non-tariff Barriers, Trade Tariffs %, Complexity of Tariffs and
Border Clearance Efficiency. 4. Tariffs on imports: Applied weighted mean
tariff rate for all products.
Sources: (a) World Economic Forum, 2019, Global Competitiveness Report;
(b) Institute for Management Development, 2020, World Competitiveness
Yearbook 2020; Austrade
Business efficiency and environment, 2020A stable and efficient business environment
Australia has one of the world’s strongest
and most efficient regulatory environments.
According to the Institute for Management
Development, the country ranks highly in terms
of credit ratings and justice. In the latest survey
of the World Economic Forum, Australia ranks
lowest in the world for debt dynamics (the
change in the public debt-to-GDP ratio); second
highest for social capital (which includes social
cohesion and engagement); and third highest for
trade openness.
Australia
US
UK
China
India
Japan
Korea
Hong
Kong
SAR
Singapore
WEF Global Competitiveness Report 2019 Ranking(a) in:
Debt dynamics1 =1 38 =1 41 =43 42 =1 =1 39
Social capital2 2 6 8 119 93 90 72 47 15
Trade openness3 3 14 25 71 131 9 67 2 1
Soundness of banks 5 25 52 95 89 33 62 3 2
E-participation =5 =5 =5 29 =15 =5 =1 n/a =13
Time to start a business (days) 6 31 =21 56 =90 70 =14 =2 =2
Energy efficiency regulation 7 12 8 21 33 31 3 n/a 19
Property rights 9 22 25 58 65 5 39 4 3
Non-performing loans % of gross total loans 10 14 8 26 106 15 3 6 17
IMD World Competitiveness Yearbook 2020 Ranking(b) in:
Index of three country credit ratings: Fitch, Moody's and S&P =1 11 18 =27 =49 31 =19 15 =1
State ownership of enterprises is not a threat to business activities 2 13 18 49 27 16 55 7 24
Justice is fairly administered 5 23 15 32 34 22 40 8 7
Tariff barriers4 5 11 =12 49 59 45 57 1 2
Intellectual property rights are adequately enforced 8 14 10 42 48 33 38 =12 5
Equal opportunity legislation encourages economic development 9 22 19 23 29 26 41 13 8
Competition legislation efficient in preventing unfair competition 10 25 8 44 38 22 =40 21 =5
Attracting and retaining talents is a priority in companies 10 6 32 29 37 14 11 15 18
Why Australia Benchmark Report 2021 55
Notes: 1. The number in brackets indicates the country’s global ranking across
137 countries. 2. The Global Entrepreneurship Index is based on the weighted
average of three indices: entrepreneurial attitudes, entrepreneurial abilities
and entrepreneurial aspiration. For more information on the methodology, see
https://thegedi.org/global-entrepreneurship-and-development-index/
Sources: Global Entrepreneurship and Development Institute, 2019, Global
Entrepreneurship Index; Austrade
Global entrepreneurship by economy1
Global Entrepreneurship Index2, 2019
Australian optimism and the entrepreneurial spirit
Australia has one of the most entrepreneurial
business cultures in the world, according to
the Global Entrepreneurship and Development
Institute. Enterprise is a crucial engine of
economic growth and the organisation’s annual
index measures entrepreneurial attitudes,
abilities and aspiration. In 2019, Australia ranked
sixth out of 137 countries – behind the UK and
ahead of Germany, Korea, Norway, Japan, China
and ASEAN (including Singapore).
Aspiration
Abilities
Attitudes
US
(1)
Sw
itz
erl
an
d (
2)
Ca
na
da
(3
)
De
nm
ark
(4
)
UK
(5
)
Au
stra
lia
(6
)
Sw
ed
en
(10
)
Fin
lan
d (
11)
Ge
rma
ny
(15
)
Ko
rea
(2
1)
No
rwa
y (
24
)
UA
E (
25
)
Jap
an
(2
6)
Sin
ga
po
re (
27
)
Sp
ain
(3
1)
Ch
ina
(3
4)
Th
aila
nd
(5
4)
So
uth
Afr
ica
(5
8)
Ind
on
es
ia (
75
)
Ind
ia (
78
)
Ru
ssia
(8
0)
Ph
ilip
pin
es
(8
6)
Bra
zil
(118
)
Ho
ng
Ko
ng
SA
R (
13)
87
8280 79 78
73
70 70 6867
5856
5453 52
4746
3432
26 252523
16
Why Australia Benchmark Report 2021 56
Notes: 1. The number in brackets indicates the country’s global ranking across
193 countries. 2. The EGDI measures the degree of digitalisation by the public
service. The EDGI is based on the weighted average of three indices: the
telecommunications infrastructure index, online service index, and human
capital index.
Sources: United Nations Department of Economic and Social Affairs, 2020,
E-Government Survey 2020, Annex Tables 2 and 3; Austrade
E-Government development by region1
UN E-Government Development Index, 2020
A global fifth place for digital government
The Australian Government is a technology early
adopter. The United Nations E-Government
Development Index (EGDI)2 ranked Australia
fifth out of 193 governments in 2020. Putting
government services online typically increases
the efficiency of interactions between
businesses, individuals and government
departments. For example, Australia’s
centralised online government service, myGov,
brings health, tax and welfare interactions into
one portal.
Telecommunications Infrastructure
Online Service
Human Capital
De
nm
ark
(1)
Ko
rea
(2
)
Est
on
ia (
3)
Fin
lan
d (
4)
Sw
ed
en
(6
)
Au
stra
lia
(5
)
UK
(7
)
Ne
w Z
ea
lan
d (
8)
Sin
ga
po
re (
11)
Jap
an
(14
)
UA
E (
21)
Ca
na
da
(2
8)
Eu
rop
e
Ch
ina
(4
5)
Bra
zil
(54
)
Th
aila
nd
(5
7)
Me
xic
o (
61)
Ph
ilip
pin
es
(7
7)
Vie
tna
m (
86
)
Ind
on
es
ia (
88
)
As
ia
Wo
rld
Ind
ia (
100
)
Afr
ica
US
(9
)
0.980.96 0.95 0.95 0.94 0.94 0.94 0.93 0.93
0.920.90
0.860.84
0.820.79
0.77 0.760.73
0.690.67 0.66
0.64
0.60 0.60
0.39
Why Australia Benchmark Report 2021 57
Notes: 1. The number in brackets indicates the country’s ranking in 2020
across 61 countries. 2. CAGR = compound annual growth rate. 3. Includes
Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
Sources: Economist Intelligence Unit, 2020, Data Tool; Austrade
Number of households (millions) with disposable income of more than
US$50,000 per annum – selected economies1Global top 10 for high-income households
Australia is a large consumer market and
Australian households have high disposable
incomes. According to The Economist
Intelligence Unit (EIU), Australia is the ninth
largest high-income consumer market, with
6.8 million households generating an income
above US$50,000 per year. The EIU estimates
that the number of high-income households
in Australia is growing by 3% per year, and will
reach more than 9 million households by 2030.
US
(1)
Ch
ina
(8
)
Jap
an
(2
)
Ge
rma
ny
(3
)
AS
EA
N-6
³
Au
stra
lia
(9
)
Me
xic
o (
16)
Ne
the
rla
nd
s (
12)
Ho
ng
Ko
ng
SA
R (
21)
Sw
itz
erl
an
d (
13)
2020
203094.4
112.2
7.0
56.8
23.7
32.9
19.9
31.5
3.8
10.16.8
9.2
2.7
7.63.7
7.13.3 3.4
1.7 2.3
3% CAGR2
Why Australia Benchmark Report 2021 58
ABN: 11 764 698 227
18-19-235. Publication date: March 2021
ISSN 2205-9415 (Print)
ISSN 2205-9423 (Online)
Disclaimer
This report has been prepared by the Commonwealth of Australia represented by the Australian Trade and Investment Commission (Austrade). The report is a general
overview and is not intended to provide exhaustive coverage of the topic. The information is made available on the understanding that the Commonwealth of Australia is
not providing professional advice.
While care has been taken to ensure the information in this report is accurate, the Commonwealth does not accept any liability for any loss arising from reliance on the
information, or from any error or omission, in the report.
Any person relying on this information does so at their own risk. The Commonwealth recommends the person exercise their own skill and care, including obtaining
professional advice, in relation to their use of the information for their purposes.
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company or its activities.
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Why Australia Benchmark Report 2021