OECD Report on Australia

LATEST AUSTRALIAN BUSINESS NEWS

The following summary of Australia’s standing in the world economy – as assessed by the OECD - was printed in the “Sydney Morning Herald “ of 29 March 2006. The “Sydney Morning Herald” can be read on line at www.smh.com.au .The OECD report states that Australia has the world's 12th largest economy, and the 11th highest gross domestic product per capita in the world. During the past 12 years, the OECD estimates, the Australian economy was the eighth fastest growing economy in the world - behind only China, Ireland, India, South Korea, Poland and the Slovak Republic. Australia is mid-range when it comes to the average number of hours worked a year - 1816. Australian working hours increased in 2004 for the first time since 1998.

The hardest working workers in the developed world are the South Koreans, who averaged 2423 hours a year. The best rested are those in the Netherlands, who average 1357 hours a year.

The figures show the Australian economy does have some weakness. Its household savings rate, the proportion of income put away for a rainy day, was the only country among 15 rich nations that was in negative territory.

Australia is only one of six countries to have both a trade deficit on both physical goods and merchandise and on services.

Other countries with double deficits include Mexico, India, Italy, South Africa and Hungary.

Since the Howard Government came to office, the OECD estimates, Australia has experienced one of the lowest rates of export growth of all member countries. It is also at the bottom end of of the list of countries with exports of high- and medium-technology goods.

Australia was the fifth most generous nation, behind the US, Japan, Germany and France, with total aid commitments so far of $US200 million ($280 million).

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David

david.taylor@agarcarlyon.com