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Australian labour market efficiency down in WEF rankings

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Australia’s performance, according to a World Economic Forum study on global competitiveness, has fallen one place in the most recent rankings to be ranked 21st overall.

The WEF’s Global Competitiveness Report 2013-14 has seen sharp drops y in Australia’s performance in terms of labour market efficiency (from 13th place in the 2011-12 study place to 54th), burden of government regulation (from 60th in 2010-11 to 128th in the current report) and 113th for pay and productivity (from 53rd in 2010-11).

"These results highlight the high cost of doing business in Australia and the pressing need to improve key areas including industrial relations, business regulation and company tax in order to lift our international competitiveness,” said Innes Willox, the Ai Group’s CEO, in a statement.

Positive results, according to Willox, were seen in secondary education enrolment and legal rights (1st place in each), 2nd place in days taken to start a business, 3rd for procedures to start a business and 8th for the quality of scientific research institutions.

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