Australian Businesses Eye Overseas Opportunities Following 2 Decades of Falling Competitiveness

Australia’s global competitiveness is declining as more businesses struggle to thrive domestically, leading them to explore opportunities abroad. A new report by the Business Council of Australia highlights current trends, including stagnating productivity growth and mounting pressure from international competitors, raising concerns about the nation’s economic future. The report, released on Nov. 18, said sliding competitiveness contributes to lower productivity by luring scarce resources away from more productive sectors. “This can mean more persistent inflation.” Slipping in Global Rankings It reveals that Australia has been sliding down international competitiveness rankings for two decades, with productivity growth in the last decade being the worst in six decades....