Compete to prosper: Improving Australia’s global competitiveness

As the rapid economic growth fuelled by high commodity prices and capital investment in resources projects abates, many Australians are asking where the next wave of growth will come from.

The rapid growth of emerging markets, particularly in Asia, means there are enormous opportunities for Australia to grow through trade. Increased trade, which allows countries and firms to play to their strengths, creates wealth. If Australia continues to open its economy and plays to its comparative advantages in natural resource endowments and a highly skilled workforce, Australian businesses can access new markets and create new, more productive jobs. Australia can continue to raise income and employment levels, which raises living standards and promotes social inclusion.