The recently released Why Australia? benchmark report 2018 identifies five reasons for international investors to bring their funds to Australia, including our high national IQ when it comes to innovation and skills.
In backing up their economic claim, the authors note that:
- Australia is currently enjoying its 27th year of consecutive annual growth, the only developed economy in the world to achieve this feat
- Australia’s growth rate over the next five years is forecast to be the highest among major advanced economies
- Australia’s medium- and long-term growth outlook is supported by strong ties to Asia
- Australia is 20% more productive than global competitors in gas, oil, education, health and tourism, and 40% more productive in agribusiness and mining.
The report goes on to identify four other reasons for investors to choose Australia: our dynamic industries, innovation and skills, global ties, and strong foundations.
In discussing innovation and skills, the authors point to a variety of data, including the results of the Intelligence Capital Index (ICI) produced last year by the INSEAD graduate business school in France.
The ICI was created to measure which nations are most likely to foster big ideas, focusing on quality education outcomes, elite cognitive skills and, interestingly, a country’s openness to migration as a source of human capital.
Using this index, INSEAD developed a ranking that put Australia number four in the ‘smart countries’ list, behind only the USA, UK and Germany.
The Why Australia? report notes that this national ‘IQ’ for innovation and skills is reflected in Australia’s robust and growing start-up system, and our strong capabilities in fintech, edtech, medtech and agtech.
The 53-page report contains a wide range of other data and analysis for potential investors.
The Why Australia? benchmark report 2018 was released in January this year.
Boosting smart foreign investment in Queensland is one of the key goals of the Queensland Trade and Investment Strategy 2017–2022.