Australia in Global Top Five26 January 2016 by News Desk
Australia has been placed in the Top 5 of the best countries in the world for its’ economic freedoms.
The high global ranking makes Australia one of the best places in the world to live, to work and to operate a business. And why Australia remains one of the top three preferred destinations for foreign migrants.
Australia is ranked 4th in the world out of 178 countries behind Hong Kong, Singapore and New Zealand, according to the Heritage Foundation’s 2015 index of economic freedom.
Government expenditures equal 35.7% of the economy and public debt is less than 30% of GDP – compared to UK public debt of 80% of GDP.
Australia is internationally competitive in services, technologies and high-value-added manufactured goods. Mining and agriculture remain important sources of exports
Start-up companies enjoy great flexibility under licensing and other regulation. It takes only one procedure to start a business and no minimum capital is required. Flexible labour regulations facilitate a dynamic labor market, increasing overall productivity.
The top individual income tax rate is 45% and top corporate tax rate is 30%. Other taxes include a value-added tax and a capital gains tax. Total tax revenues equal about 27% of the domestic economy.
Australia emerged from the global recession relatively unscathed and the country’s strong commitment to economic freedom has resulted in a policy framework that has facilitated economic dynamism and resilience and the Australian economy performs remarkably well in many of the 10 economic freedoms.
Regulatory efficiency remains firmly institutionalized, and well-established open-market policies sustain flexibility, competitiveness and large flows of trade and investment.
Banking regulations are sensible, and lending practices have been relatively prudent. Monetary stability is well maintained, with inflationary pressures under control.
The index, which is prepared in partnership with The Wall Street Journal, has been published each ear since 1995. It measures the economic success of 178 countries around the world against 10 benchmarks, including property rights and entrepreneurship.