Australia cited as haven for growing businesses

Australia has recently been ranked as one of the best countries for growing businesses, with high labour productivity growth cited as one of the main reasons behind its success.

This year's Grant Thornton Global Dynamism Index (GDI), released last week, saw Australia jumping six places from last year's seventh place ranking to sit proudly at the top of the list.

Chile and China were second and third respectively in the study of 60 of the largest economies in the world, while neighbours New Zealand came in fourth place.

Grant Thornton CEO Robert Quant claimed that he had no doubts about Australia's credentials.

"Political campaigning and doomsday debate aside, the fact is Australia has a lot to offer international businesses planning to expand into Asia Pacific," he said in a September 20 media release.

"Not just 22 years of unbroken economic growth, but also strong institutions, skilled, productive people and a strong culture of investment in R&D."

The GDI surveyed each country across a range of categories such as business operating environment, economics and growth, and financing environment. While Australia did not claim top spot in any individual category, its consistently high rankings across the index meant it was identified as one of the leading economies today.

Australia's growth in labour productivity was one of the biggest factors in its rise, as the country saw a 2.6 per cent growth in this indicator over the year.

This enabled it to claim second place in the GDI's labour and human capital rankings with a score of 72.4 out of 100, behind only China (75.3).

It is clear to see from the results of Grant Thornton's GDI that productivity is one of the key drivers behind economic growth in any country.

By investing in next generation recruitment solutions which make productivity easy, your recruitment agency too can help Australia strive for further economic development.