benchmark report june 2021 - austrade

BENCHMARK REPORT JUNE 2021

Discover why Australia is a great investment destination

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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


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


01 RESILIENT ECONOMY

A resilient economy that

outperforms in global

rankings

Australia faced several challenges at

the start of 2020. A major drought was

followed by bushfires. The COVID-19

pandemic then shut international borders

and dislocated trade.

The Australian economy put in an

exceptional performance in 2020, despite

these challenges. Australia’s resources,

energy and agriculture exports kept

growing. The Australian Government

provided an economic stimulus package

worth 15.7% of GDP to support businesses

and the livelihoods of Australian workers.

An effective public health response and

adherence to stringent lockdown measures

minimised the transmission of the virus in

the community.

The result was that Australia was less hard

hit economically than other countries.

Our GDP was 2.4% lower in 2020 than in

2019. This decline was far smaller than

the average rate of -4.7% across advanced

economies.

In financial terms, Australia remains rock-

solid. The Australian public sector debt ratio

will be 54% of GDP by the end of 2022. On

current forecasts, this is well below the 94%

average forecast for advanced economies.


World’s largest economies, 2021

Percentage share of total world nominal GDP in US$

Notes: 1. Rest of the world’s 195 economies: US$17,870 billion in 2021 or 19%

of the global GDP. 2. Top 20 largest economies: US$75,994 billion or 81% of the

world’s GDP in 2021.

Sources: International Monetary Fund (IMF), 2021, World Economic Outlook

April 2021; 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$1.6 trillion). Australia is home

to just 0.3% of the world’s population, but

accounts for 1.7% of the global economy.

4. Germany 4.6%

2. China 17.7%

12. Australia 1.7%

6. India 3.2%

8. Italy 2.2%

7. France 3.1%

14. Spain 1.6%

5. UK 3.3%

17. Netherlands 1.1% 3. Japan 5.7%

11. Russia 1.8%1. US 24.2%

9. Canada 2.0%

18. Switzerland 0.9%

13. Brazil 1.6%

15. Mexico 1.3%

10. Korea 1.9%

20. Turkey 0.8%

19. Saudi Arabia 0.9%

16. Indonesia 1.2%


Notes: 1. Gross domestic product constant prices. Argentina, Finland,

Malaysia, Netherlands, Norway, Saudi Arabia, Singapore, Sweden, Switzerland,

United Arab Emirates (UAE), and Vietnam are estimated by the IMF.



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 rate of –4.7% across advanced

economies.

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–4.8 –4.9

–5.4 –5.4 –5.6–5.9

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–8.9

2.3

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–9.5–9.9 –10.0

–11.0

Advanced economies = –4.7%


Notes: 1. The figure estimated in Australia’s 2021–22 Budget is 15.7%.

2. Fatality rates as at 30 April 2021.

Sources: WorldoMeter, 2021, COVID-19 Coronavirus Pandemic, accessed 30

April 2021; International Monetary Fund (IMF), 2021, World Economic Outlook


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.1 The Australian

public generally adhered to stringent, fast-

changing lockdown measures. Bloomberg rated

Australia as the third best country in the world

in its COVID Resilience Ranking. By April 2021,

Australia combined a low fatality rate2 with

a low impact on GDP, relative to most other

countries.

2,000

2,200

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

FinlandJapan

Australia

ChinaKorea

Chile

Colombia

France

MexicoSpain

UK

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Philippines

-12 -10 -8 -6 -4 -2 0 2 4

Average of selected economies = –5.6%

Singapore

World average = 408

Netherlands

Canada

Germany

South Africa

Argentina

Saudi Arabia

Malaysia

Thailand New Zealand


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. 3. The figure estimated in

Australia’s 2021–22 Budget is 15.7%.

Sources: International Monetary Fund, 2021, Fiscal Monitor April 2021;

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.3 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

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Global average = 15.3%

44.2

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38.8

32.4

27.9

23.322.1

20.7 19.0

17.915.0

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14.7 12.7 12.4

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Expected increase to 2022

Expected decrease to 2022

171

143

118

109105 104 104

99

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45

4037 36

27 26 24 24

11

General government net debt, 2020 to 2022

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, USA) 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. ppt = percentage point.

Sources: International Monetary Fund, Fiscal Monitor, April 2021; 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 April 2021 ‘Fiscal

Monitor’ report, the International Monetary Fund

estimated that the Australian Government’s net

debt would be 54% of GDP in 2022. This is well

below the 94% average forecast for advanced

economies.

2020 2022 Change, ppt4

Advanced economies average 91 94 4

Euro Area 81 82 1

G20 Advanced 99 103 4

G7 105 108 4

Emerging market & middle-income economies average 46 49 3

Asia (gross debt only; net debt figures unavailable) 68 73 5

Europe 39 41 2

G20 Emerging 45 50 5

Latin America 51 55 4


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 newly industrialised economies (NIEs) and ASEAN, Singapore

was excluded. 3. NIEs: Singapore, Hong Kong SAR, Korea and Taiwan. 4. World

Economic Forum, see source below.

F = Forecast


April 2021; World Economic Forum, 2019, 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 1981 and will reach almost 45% in

2026. 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. Australia is

well positioned to grow its resources, energy,

agriculture, and education and tourism services

exports to Asia’s rising 2.4 billion middle-class

consumers expected by 2030.4

Countries & regions

Compound annual growth rate (%) 1981–2026

China and India 9.9

Japan, Australia and New Zealand 4.1

ASEAN-92 7.3

Newly Industrialised Economies3 7.5

Other developing Asia 7.6

Average of Asia incl. Australia and New Zealand 7.6

World average 5.8

1981 19911986 1996 2001 2006 2016 2021F2011 2026F

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Asia plus Australia and New Zealand as a percentage of world’s GDP (right-hand axis)

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30

40

50

60

70

80

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5

10

15

20

25

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44%


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


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


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


Strong global demand

for Australia’s resources,

energy and food

Australia’s primary industries powered

export growth in 2019–20. Exports of

resources and energy rose by 3% to

A$291 billion in the year to June 2020.

Australia’s exports of these two commodities

are projected to hit a record A$296 billion in

2020–21, an impressive result in the midst

of the COVID-19 pandemic. 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 2020, with total assets growing

9% per year consistently over two decades.

DYNAMIC INDUSTRIES02


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


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


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


Australia’s resources and energy sector, 2000–01 to 2021–22

Nominal value of exports1, 2000–01 to 2021–22

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. Asia is the big buyer. Following a surge

of over 20% in 2018–19, exports of these two

commodities increased by 3% to A$291 billion

in the year to June 2020. Australia’s resources

and energy exports are projected to hit a

new record of A$296 billion in 2020–21. The

improved outlook reflects the ongoing rollout

of vaccines, and the momentum this is providing

for economic activity and trade among many of

Australia’s major trading partners.

Notes: 1. Annual value of commodity exports, free on board (fob).

2. CAGR = Compound annual growth rate.

Sources: Department of Industry, Science, Energy and Resources, Office of

the Chief Economist, 2021, Resources and Energy Quarterly; Austrade

0

50

100

150

200

250

20

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1

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Energy: CAGR² 6.7% (2000–01 to 2021–22)

Resources: CAGR 9.0% (2000–01 to 2021–22)

A$

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214

193

100

175

116


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

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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


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


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

ttle³

Ba

rle

y4

Mu

tto

n

Ca

no

la

Tre

e n

uts

Ch

ee

se

Ra

w c

ott

on5

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


Sources: 1. Reserve Bank of Australia, 2021, Assets of Financial Institutions –

B1; Australian Bureau of Statistics (ABS), 2021, Securitisation Vehicles – Table

1; ABS, 2021, Managed Funds, Table 1; ABS, 2021 Australian National Accounts:

National Income, Expenditure and Product, Table 3; Australian Prudential

Regulation Authority, 2021, Quarterly general insurance performance statistics;

Reserve Bank of Australia, 2020, Exchange Rates 2. Investment Company

Institute, 2021, Research & Statistics, Worldwide Market Data.

3. Standard & Poor’s, 2021, 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,

2020, Debt securities statistics; Austrade

Global significance of Australia’s financial marketsSophisticated financial markets

Australia is home to the world’s seventh 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$2.5 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$7,898 billion1

Assets of Australian financial institutions*

Five times Australia’s nominal GDP

*December 2020

US$2,333 billion4

Pension assets*

5th largest in the world

*2020

US$2,463 billion2

Fund assets under management*


2nd largest in the Asia-Oceania region

*December 2020

US$119 billion5

OTC foreign exchange daily average turnover*


5th largest in the Asia-Oceania region

*April 2019

US$1,458 billion3

Stock market*


3rd largest in the Asia-Oceania region

*Market capitalisation of freely floating stocks,

March 2021

US$2,333 billion6

International and domestic debt securities outstanding*


3rd largest in the Asia-Oceania region

*Total outstanding value, September quarter 2020


Notes: CAGR = Compound annual growth rate from December quarter 2000

to December 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 (RBA), 2021, Assets of Financial

Institutions – B1; Australian Bureau of Statistics (ABS), 2021, Managed Funds

– Table 1; Australian Prudential Regulation Authority, 2021, Quarterly general

insurance performance statistics – Table 1; ABS, 2021, Assets and Liabilities

of Australian Securitisers – Table 1; ABS, 2021, Australian National Accounts:

National Income, Expenditure and Product – Table 3; RBA, 2021 Exchange

Rates; Austrade

Assets of Australian financial institutions, 2000 to 2020

A$ trillion, year ending December 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$10.2 trillion (about US$7.9 trillion) in the

December 2020 quarter. This equates to more

than 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 second largest contributor to the

country’s gross value added.3

0

2

4

6

8

10

12

2000 2005 2010 2015 2020

ADIs and RFCs1

Managed funds

Reserve Bank of Australia

Other �nancial institutions2

AFI assets % of GDP (right-hand axis)

Ass

ets

(A

$ t

rill

ion

)

To

tal A

FI a

ss

ets

as

a p

erc

en

tag

e o

f G

DP

263%

520%

0

100

200

300

400

500

600

Assets of financial institutions % CAGR1 2000–20

Authorised Deposit-taking Institutions (ADIs) and

Registered Financial Corporations ( RFCs)1

9.3

Managed funds 8.9

Reserve Bank of Australia 9.1

Total all financial institutions (AFIs) including other2 9.1


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


Sources: Tourism Research Australia, 2021, unpublished data; Austrade

Domestic and international visitor spend in Australia from 2010 to 2020Domestic-led tourism recovery

The Australian tourism industry has

experienced a significant domestic-led

recovery following the initial impact of the

pandemic. Australians love domestic travel.

Relaxing domestic mobility restrictions has

led to increased demand for travel, helping the

industry while international borders remain

closed. In January 2021, spending on domestic

overnight trips was down 9% compared to pre-

pandemic levels, an impressive improvement

from the 91% fall experienced in April 2020.

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

Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

-100

-80

-60

-40

-20

0

-5%

-41%

-91%

-82%

-52% -53%-56%

-39%-34%

78.482.3

86.6 89.094.3

99.9106.5

113.2

124.5

138.5International Domestic

-19%

70.9

-65%

-9%

-17%

Change in domestic overnight spend, 2020 COVID-19 affected months compared with 2019

89% of tourism spend comes from domestic travellers in 2020. Australian tourism is underpinned by strong, growing domestic and international demand.


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


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.

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. Seventeen Australian universities

made it into the top 100 for having an

impact on United Nations Sustainable

Development Goals. Australians also 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


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


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


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


Notes: 1. Opensignal is the independent global standard for understanding the

true state of the world’s mobile networks based on measurements of real user

experience. 2. 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).

Sources: Opensignal, 2021, Benchmarking the Global 5G Experience, data

collection period: 1 January 2021 – 31 March 2021; accessed 3 May 2021,

Austrade

Disclaimer: Figures were reproduced with permission of Opensignal

from Benchmarking the global 5G user experience, published on 15 April

2021© Opensignal Limited – All rights reserved. https://www.opensignal.

com/2021/04/15/benchmarking-the-global-5g-experience-april-2021

Mobile download speeds by market, during 1 January 2021 to 31 March 2021

Average download speed (Mbps)

First-rate digital and mobile networks

Australia’s 5G network is superb by international

standards. Our average download speed is

ranked in the top 10 countries in the world.

Australia’s speed – 239.6 Mbps – is faster

than that of Finland (219.5 Mbps), the highest

average download speed in Europe. Australia’s

average download speed is currently far faster

than in many major economies, including Japan,

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.2

Ko

rea

Ta

iwa

n

Un

ite

d A

rab

Em

ira

tes

Au

stra

lia

Jap

an

Sa

ud

i Ara

bia

Fin

lan

d

Ku

wa

it

Sw

itz

erl

an

d

Au

str

ia

Ire

lan

d

Sp

ain

Gre

ec

e

Sin

ga

po

re

Ca

na

da

Th

aila

nd

Ho

ng

Ko

ng

SA

R

UK

Ne

the

rla

nd

s

Ph

ilip

pin

es

Ge

rma

ny

Ita

ly

Fra

nc

e

Po

lan

d

US

A

361

309.9

269

239.6231.5 229.8

219.5212.9

173.3162.8 160.5 160.4 156.7

144.5 139.9 139.8 138.5

122.3 119.3113.5

104 100.794.1

74.963.4


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%)


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).


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


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


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


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


Canada: 15 universities

US: 9 universities

Australia: 17 universities

Countries with1 university:

Brazil, China, Egypt, India, Iran, Lebanon, Malaysia and South Africa

Countries with 2 universities

Denmark, Italy, Mexico, Portugal, Saudi Arabia, Korea, Sweden and Thailand

Countrieswith 4universities

Indonesia, New Zealand, Ireland, Spain

UK: 20 universities

University of Sydney 2

RMIT University 3

La Trobe University 4

University of Wollongong 6

University of Newcastle 12

Western Sydney University 17

Monash University 18

University of the Sunshine Coast 26

Griffith University 38

Queensland University of Technology 43

Australian Catholic University 54

University of Canberra 57

University of Tasmania 76

Deakin University 79

Macquarie University 82

James Cook University 91

UNSW Sydney 96

Top 100 Universities Times Higher Education Impact Rankings 2021

Implementing the 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, 17 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 the United Nations’ 17

Sustainable Development Goals (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. The 2021 Impact

Rankings is the third edition and the overall ranking includes 1,115 universities

from 94 countries/regions.

Sources: The Times Higher Education, 2021, Impact Rankings; Austrade

Australia Global ranking


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.


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


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


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 10 years, the total stock of foreign

direct investment in Australia has grown, on

average, 7% per year The US, Japan, the UK,

the EU, the Netherlands and Canada are still

our biggest investors.

GLOBAL TIES04


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


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


http://www.dfat.gov.au/trade/Pages/trade-and-investment

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


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

about 8.0% per year since 2000, reaching

A$1 trillion around 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 203% 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 (ABS), 2021, International Investment

Position, Australia: Supplementary Statistics 2020, Table 2; ABS, 2021,

Australian National Accounts: National Income, Expenditure and Product,

Table 3; Austrade

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

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%

203%

Other Investment1 (left-hand axis, 8.4%)

Direct Investment (left-hand axis, 7.7%)

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


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 (ABS), 2021, International Investment

Position, Australia: Supplementary Statistics 2020, Table 2; ABS, 2021,

Australian National Accounts: National Income, Expenditure and Product, Table

3; Austrade

Australia’s main sources of foreign direct investment stock, 2010–2020

Total value in 2020: 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 Korea grew by 15% per year;

China by 13%; Canada by 12%; and Hong Kong

SAR by 10%. Australia’s top three overseas

investors are the US, Japan and the UK, with

holdings equivalent to 19%, 13% and 12% of

total FDI in Australia respectively. Over the

same period, investment activities from ASEAN,

mainly Singapore and Malaysia, have been solid,

growing by an average of 9% per annum to

almost A$60 billion. This group was the fourth

largest source of FDI in Australia.

Rank

2020

Country

2010

A$ billion

2019

A$ billion

2020

A$ billion

% Share

2020

% Change

2019–2020

% CAGR

2010–2020

Growth (A$bn)

2019–2020% of Australian

GDP, 2020

1 US 110.3 221.4 196.3 19.1 -11.4 5.9 -25.1 10.0

2 Japan 51.1 115.9 131.8 12.8 13.7 9.9 15.9 6.7

3 UK 53.7 127.5 123.5 12.0 -3.2 8.7 -4.1 6.3

4 Netherlands 27.6 56.6 52.8 5.1 -6.7 6.7 -3.8 2.7

5 Canada 14.9 46.1 46.2 4.5 0.1 12.0 0.1 2.3

6 China 12.9 46.9 44.3 4.3 -5.4 13.1 -2.5 2.3

7 Singapore 18.7 36.2 39.9 3.9 10.4 7.9 3.8 2.0

8 Bermuda 7.5 41.9 39.9 3.9 -4.9 18.2 -2.1 2.0

9 Virgin Islands, British np 22.2 22.5 2.2 1.6 np 0.4 1.1

10 Germany 16.8 23.1 21.7 2.1 -6.0 2.6 -1.4 1.1

11 Hong Kong SAR 6.6 17.3 16.8 1.6 -3.4 9.7 -0.6 0.9

12 Malaysia 3.7 14.7 13.6 1.3 -7.3 14.0 -1.1 0.7

13 France 13.0 12.7 12.1 1.2 -4.8 -0.7 -0.6 0.6

14 Switzerland 20.9 11.6 11.6 1.1 0.0 -5.7 0.0 0.6

15 Luxembourg 1.5 9.3 9.1 0.9 -2.9 20.0 -0.3 0.5

16 Korea 2.1 7.1 8.0 0.8 12.4 14.6 0.9 0.4

Other economies 158.1 233.0 236.6 23.0 1.5 4.1 3.6 12.0

FDI stock – all economies 519.3 1,043.6 1,026.6 100.0 -1.6 7.1 -17.1 52.1

OECD 340.6 653.1 635.9 61.9 -2.6 6.4 -17.2 32.3

APEC 231.0 517.1 508.7 49.6 -1.6 8.2 -8.4 25.8

EU (excl. UK) 80.2 117.0 112.3 10.9 -4.1 3.4 -4.8 5.7

ASEAN 25.8 56.1 59.0 5.7 5.0 8.6 2.8 3.0

FDI stock as a percentage of GDP 38.1 52.2 52.1


Foreign direct investment stock in Australia by industry – value and percentage share

Total value: A$1 trillion in 2020

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 about half of

all FDI. From 2016–2020, FDI in real estate and

financial services, the two largest recipients in

the services sector, rose by 12% and 13% per year

respectively. Their growth rates were over twice

the average growth rate (5%) of all industries.

FDI in the professional, scientific and technical

sector grew rapidly, at 22% per annum since 2016.

Australia’s export-focused mining sector is the

biggest primary-industry beneficiary, accounting

for 35% of the total FDI, or A$360 billion.

Notes: 1. Others includes unallocated (A$88.9bn); manufacturing (np); public

administration, activities of households and of extraterritorial organisations

(np); education (np); arts, entertainment and recreation (np); and other

services (np).

Sources: Australian Bureau of Statistics, 2021, International Investment

Position, 2020, Australia: Supplementary Statistics, Table 15; Austrade

Mining and Quarrying A$360.4bn, 35.1%

Real Estate A$120.0bn, 11.7%

Agriculture, Forestry and FishingA$3.7bn, 0.4%

Wholesale and Retail Trade and Related Industries A$61.5bn, 6.0%

Financial and Insurance A$112.4bn, 11.0%

Information and Communication A$32.1bn, 3.1%

Transportation and Storage A$25.9bn, 2.5%

Utilities and Related IndustriesA$22.7bn, 2.2%

Construction A$19.4bn, 1.9%

Professional, Scienti�c and Technical A$11.8bn, 1.1%

Accommodation and Food Service, A$8.9, 0.9%

Administrative and Support Service Activities, A$8.4, 0.8%

Human Health and Social Work Activities A$4.7, 0.5%

Others including Manufacturing1 A$234.7bn, 22.9%


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

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AUSTRALIA’S MULTILATERAL FREE TRADE AGREEMENTS


https://dfat.gov.au/trade/agreements/Pages/trade-agreements.aspx

https://dfat.gov.au/trade/agreements/Pages/trade-agreements.aspx

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


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$4 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 world.

STRONG FOUNDATIONS05


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


https://www.doingbusiness.org/en/rankings

https://www.doingbusiness.org/en/rankings

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


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

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Sw

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US

3

UK

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Average of 22 markets = 80% of world GDP1

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of

GD

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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


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


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


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


https://thegedi.org/global-entrepreneurship-and-development-index/

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


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


ABN: 11 764 698 227

18-19-235. Publication date: First published in March 2021, updated June 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.

The Commonwealth does not endorse any company or activity referred to in the report, and does not accept responsibility for any losses suffered in connection with any

company or its activities.

The Australian Trade and Investment Commission (Austrade) is Australia’s leading trade and investment

agency.

We are experts in connecting Australian businesses to the world and the world to Australian businesses.

Austrade is the national point-of-contact for investors. We partner with state and territory governments

to provide the information and contacts you need to establish or expand a business in Australia.

We help companies around the world to identify and take up investment opportunities in Australia as well

as to source Australian goods and services for their global supply chains.

To discover how we can help you and your business, visit:

austrade.gov.au

ABOUT AUSTRADE

Why Australia Benchmark Report 2021

http://austrade.gov.au

benchmark report june 2021 - austrade

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