Competitiveness falling under ALP: Hockey
Market watch top headlines
CANBERRA, Sept 6 AAP
September 06 2012, 1:36PM
Australia's competitiveness has deteriorated under the Labor federal government, shadow treasurer Joe Hockey says.
The World Economic Forum's Global Competitiveness Report for 2012/13 released on Wednesday showed that while Australia's overall ranking of 20th out of 144 countries was unchanged from last year, key pillars of competition had weakened sharply in recent years.
"Australia has fallen because of wasteful practices, a lack of transparency, heavy re-regulation and increased taxes," Mr Hockey said in a statement on Thursday.
For example, in 2007/08 Australia ranked 10th in terms of wastefulness of government spending, but in 2012/13 it had slumped to 48th.
"That is, Australia is ranked as far more wasteful under Rudd/Gillard than when the Howard Government left office," Mr Hockey said.
In 2007/08 Australia ranked 68th in terms of burden of government regulation, but in 2012/13 it ranked 96th, while over the same period transparency of government went from 12th to 29th, and pay and productivity went from 40th to 80th.
"These dramatic slippages just confirm what peak Australian business leaders and the opposition have been saying for many months now," Mr Hockey said.
"Australian government mismanagement is increasing Australia's sovereign risk profile and, as a whole, Australian government policy is making it harder, and not easier, for business."