BENCHMARK REPORT 2021 - Discover why Australia is a great investment destination - Auscham Cambodia
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BENCHMARK REPORT 2021
Discover why Australia is a great investment destination
Image credit: MEzairi/Shutterstock.comCONTENTS
Why Australia 3
1. Resilient economy 4
2. Dynamic industries 14
3. Innovation and skills 27
4. Global ties 40
5. Strong foundations 49
Why Australia Benchmark Report 2021 2WHY AUSTRALIA
Australia: Primed for investment and trade
Like other nations, Australia spent 2020 dealing Perhaps our greatest asset is our creative,
with the economic and health impacts of the resourceful and enterprising people. As one of the
COVID-19 pandemic. Our decisive actions minimised most multicultural and multilingual countries in the
the spread of the virus in the community, and world, we use our global ties to connect with the
numerous economic stimulus packages sustained best the world has to offer.
businesses and households throughout the year.
Australia welcomes productive foreign investment,
These proactive measures mean the Australian whether you’re a multinational giant, ambitious
economy is bouncing back quickly. Resources, startup or research organisation with innovative
energy and agriculture exports continued to grow ideas. In return, we offer a safe, stable location to
throughout the pandemic. invest and do business, with smart people, solid
governance, strong global connections and a
Our resilient, services-based economy is adapting to
lifestyle that’s the envy of the world.
changes in global trade as we look to new markets
and sectors to boost our growth. Strong trading
relationships with the world’s major markets will help
us expand our global presence.
Why Australia Benchmark Report 2021 301 RESILIENT ECONOMY
The world’s 12th largest economy 6
Resilience in the face of adversity 7
A balanced response to COVID-19 8
High levels of COVID-19 support 9
Low government debt by global standards 10
Proximity to Asia’s powerhouse economies 11
A diversified, services-based economy 12
Service industries power ahead 13
Why Australia Benchmark Report 2021 401 RESILIENT ECONOMY
A resilient economy that The Australian economy put in an Decisive action helped the Australian
exceptional performance in 2019–20, economy to outperform, according to global
outperforms in global despite huge challenges. Even before the comparisons. Australian GDP was 2.4%
COVID-19 pandemic arrived, the economy lower in 2020 than in 2019. This decline
rankings
hit major headwinds. A major drought was was far smaller than the average across
followed by bushfires. Global lockdowns advanced economies.
then shut borders and dislocated trade.
In financial terms, Australia remains rock-
Our diverse economy has kept us strong. solid. The Australian public sector debt ratio
Australia’s resources, energy and will be just 49% of GDP by the end of 2021.
agriculture exports kept growing. A fiscal On current forecasts, this will be one of the
stimulus equivalent to 18% of GDP helped lowest among developed economies.
sustain households and businesses. And an
effective public health response stemmed
community transmission.
Why Australia Benchmark Report 2021 5The world’s 12th World’s largest economies, 2021
Percentage share of total world nominal GDP in US$
largest economy
The Australian economy is set to become the
world’s 12th largest economy in 2021, up two
4. Germany 4.7% 11. Russia 1.7%
places from 2019, according to the International 1. US 24.1%
17. Netherlands 1.1% 3. Japan 5.6%
Monetary Fund. Australia’s GDP will be around
A$2 trillion (US$1.5 trillion). Australia is home 6. UK 3.1%
to just 0.3% of the world’s population, but
9. Canada 1.9%
accounts for 1.6% of the global economy. 13. Spain 1.6%
2. China 18.1%
10. Korea 1.8%
5. France 3.2%
19. Saudi Arabia 0.8% 20. Taiwan 0.7%
16. Mexico 1.2%
18. Switzerland 0.9% ASEAN–10 3.7%
(incl 15. Indonesia 1.3%)
14. Brazil 1.6%
8. Italy 2.3%
7. India 3.1%
12. Australia 1.6%
Notes: 1. Rest of the world’s 195 economies: US$17,616 billion in 2021 or 19%
of the global GDP. 2. Top 20 largest economies: US$73,415 billion or 81% of
world’s GDP in 2021.
Sources: International Monetary Fund, 2020, World Economic Outlook
Database, October 2020; Austrade
Why Australia Benchmark Report 2021 6Resilience in the face Real GDP change1 , selected economies
Percentage change 2020 on 2019
of adversity 4
2.3
The start of 2020 brought huge challenges 2
for Australia. The country was just recovering
from devastating bushfires when the COVID-19
outbreak began. The Government acted quickly 0
to close borders and contain the pandemic. The
-1.0
Australian health system coped with infections
-2
and the government supported businesses –2.4
and the livelihoods of Australian workers. –2.9 –3.0
–3.5 –3.6
The result was that Australia was less hard hit -4 –3.8 –3.9
Advanced economies = –4.9%
economically than other countries. Australian –4.5
–4.9
GDP was 2.4% lower in 2020 than in 2019. This –5.3 –5.4 –5.4
-6
decline was far smaller than the average across –6.0 –6.1
advanced economies. –6.8
–7.1
–7.4 –7.5
-8
–8.2
–8.5
–8.7
-10 –9.9 –10.0
–10.4
Notes: 1. Gross domestic product (GDP) is national currency, chained volume
-12
estimates, national reference year. 2. When GDP growth wasn’t available, IMF’s
estimates were used. Those regions are: Argentina; Brazil; Chile; New Zealand;
ia
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Russia; Saudi Arabia; Singapore; South Africa; and advanced economies.
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Ch
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rla
nl
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Fr
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Fi
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Sources: Trading Economics, 2021, Gross domestic product, constant prices;
ud
Ar
G
ut
Si
et
ew
Sa
Australian Bureau of Statistics,2021, Australian National Accounts: National
So
N
N
Income, Expenditure and Product, December 2020; International Monetary
Fund, 2021, World Economic Outlook January 2021; Focus economics, 2021,
GDP in Finland; Austrade
Why Australia Benchmark Report 2021 7A balanced response COVID-19 fatality rates1 and change in gross domestic product
to COVID-19
2,000
In 2020, all countries tried to minimise economic Average of selected economies = –5.7%
disruption while slowing the spread of COVID-19. 1,800 UK
Few countries achieved both. Australia’s
Italy
geographical isolation helped us prevent 1,600
Portugal
US
uncontrolled transmission, while the states and Spain Mexico
territories closed internal borders in response
Fatality rates per million persons
1,400
to local outbreaks. To support our economy, France
Sweden
the government provided an economic package 1,200
Colombia Brazil
Argentina
worth 18% of GDP. The Australian public Chile
BETTER
generally adhered to stringent, fast-changing 1,000
Netherlands
lockdown measures. Bloomberg recently rated
South Africa Germany
800
Australia as the second best country in the
world in its COVID Resilience Ranking. By the
end of February 2021, Australia combined a low 600 Canada Russia
fatality rate with a low impact on GDP, relative
400
to most other countries. World average = 326
200
Saudi Arabia Finland
India Malaysia
Notes: 1. Fatality rates as at 1 March 2021. 2. When country GDP growth Philippines New Zealand Japan Australia
Thailand Singapore Korea China
wasn’t available, IMF’s estimates were used. Those economies are: Argentina; 0
Brazil; Chile; New Zealand; Russia; Saudi Arabia; Singapore; and South Africa. -12 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4
Sources: WorldoMeter, 2021, COVID-19 Coronavirus Pandemic; Trading
Economics, 2021, Gross domestic product, constant prices; Australian Percentage change in GDP, 2020 vs 2019
Bureau of Statistics, 2021, Australian National Accounts: National Income,
Expenditure and Product, December 2020; International Monetary Fund, BETTER
2021, World Economic Outlook January 2021; Focus economics, 2021, GDP in
Finland; Austrade
Why Australia Benchmark Report 2021 8High levels of COVID-19 Fiscal measures in response to the COVID-19 pandemic for selected economies
As a percentage of gross domestic product1
support
44.0
45
42.3
After Australia closed its borders, the
Australian Government created an economic 40
38.9
Liquidity support2
stimulus package worth 18% of GDP. In global
terms, this placed Australia between the US 35
Additional spending or foregone revenues
32.4
and the EU. Support was provided to workers,
businesses and the broader community. 30
It kept Australians employed and companies
in business. 25 23.5
21.8
21.0
19.2 18.7
20 18.0
14.5 Global average = 13.5%
15 13.6 12.8 12.5 12.4
10.6
9.5
10 7.9
6.0
4.4
5 3.5 3.5
2.5
2.0
1.0
0
Russia
Japan
Italy
Germany
UK
France
New Zealand
Singapore
US
Canada
Australia
Korea
Netherlands
Thailand
Hong Kong SAR
EU
Sweden
Malaysia
China
Indonesia
Philippines
UAE
Mexico
Vietnam
Brazil
Notes: 1. Includes Health and non-health sectors. 2. Liquidity support is
defined as “Below-the-line” measures plus Contingent liabilities. “Below-the-line”
measures involve the creation of assets or liabilities without affecting today’s
fiscal balance, like an equity injection in a firm. Contingent liabilities are not
explicitly recorded on government balance sheets and arise only in the event
of a particular discrete situation, such as a crisis. For example, in the case of
Australia, the Coronavirus SME Guarantee Scheme.
Sources: International Monetary Fund, 2021, Fiscal Monitor Update; Austrade
Why Australia Benchmark Report 2021 9Low government debt General government net debt, 2019 to 2021
As a percentage of GDP
by global standards
179
2019 2021 Change,
The COVID-19 pandemic has triggered a rapid Expected increase to 2021 %
increase in public debt in almost all economies. Advanced economies average 77 96 20
2019
Australia entered 2020 with very low public Euro Area 69 85 16
debt and Australia’s debt burden will remain low 146 G20 Advanced 83 105 21
by global standards. In its October 2020 ‘Fiscal G7 88 110 22
Monitor’ report, the International Monetary Fund Emerging market & middle-income economies average 39 52 13
estimated that the Australian Government’s net 124 Asia (gross debt only; net debt figures unavailable) 54 68 14
debt would be 49% of GDP in 2021. This is well Europe 30 43 13
110
107 106
below the 96% average forecast for advanced 104
102
G20 Emerging 38 NA NA
economies.4
80
77
74
Notes: 1. For cross-economy comparability, net debt levels reported by national 62
statistical agencies for economies that have adopted the 2008 System of 57 56
54 54
National Accounts (Australia, Canada, US) are adjusted to exclude unfunded 50 49 48
pension liabilities of government employees’ defined-benefit pension plans.
2. Belgium’s net debt series has been revised to ensure consistency between 40 39
liabilities and assets. Net debt is defined as gross debt (Maastricht definition)
minus assets in the form of currency and deposits, loans, and debt securities. 31
28
3. “Net debt” for Ireland is defined as gross general debt minus debt instrument 24
22
assets, namely, currency and deposits, debt securities, and loans. It was
previously defined as general government debt less currency and deposits.
11
4. The IMF considers the following markets as part of the ‘advanced economies’
group: Australia, Austria, Belgium, Canada, Cyprus, the Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Hong Kong SAR, Iceland, Ireland,
Italy
Spain
Austria
Brazil
Netherlands
Indonesia
Japan
Portugal
France
US 1
Belgium 2
UK
South Africa
Israel
Mexico
Ireland 3
Germany
Poland
Australia 1
Canada 1
Turkey
New Zealand
Switzerland
Peru
Korea
Sweden
Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Macao SAR, Malta,
Netherlands, New Zealand, Norway, Portugal, Puerto Rico, San Marino, Singapore,
Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Taiwan, United Kingdom,
and United States.
Sources: International Monetary Fund, 2020, Fiscal Monitor; Austrade
Why Australia Benchmark Report 2021 10Proximity to Asia’s Asian economic growth
GDP based on purchasing power parity (PPP)1
powerhouse economies
Asia’s share of global GDP has increased
Compound annual growth
steadily from 20% in 1980 to over 40% in 2025. Countries & regions rate (%) 1980–2025
Australian trade stands to benefit. Most of China and India 10.0
Australia’s principal export partners are located Japan, Australia and New Zealand 4.3
ASEAN-9 2
7.5
in Northeast Asia and Southeast Asia, and a
Newly Industrialised Economies 3 7.7
network of 15 free trade agreements gives
Other developing Asia 7.8
Australian companies preferential access to
Average of Asia incl. Australia and New Zealand 7.8
these fast-growing markets. A huge middle World average 5.9
class is emerging in Asia, with 2.4 billion
44% 45
consumers expected by 2030.4 80
40
70
35
$ trillion (current prices, PPP)
Percentage of world’s GDP
60
30
50
25
40 Asia plus Australia and New Zealand as a percentage of
world’s GDP (right-hand axis) 20
20%
30
15
Notes: 1. The bar represents the value of the regional gross domestic
product at current prices based on purchasing power parity. 2. To avoid 20
10
double counting with NIEs and ASEAN, Singapore was excluded. 3. Newly
Industrialised Economies (NIEs): Singapore, Hong Kong SAR, Korea and Taiwan.
10
4. World Economic Forum, see source below. 5
F = Forecast
Sources: International Monetary Fund, 2020, World Economic Outlook 0 0
Database; World Economic Forum, 2019, In 2020 Asia will have the world’s 1980 1985 1990 1995 2000 2005 2010 2015 2020F 2025F
largest GDP; Austrade
Why Australia Benchmark Report 2021 11A diversified, services- Australia’s real gross value added (GVA) by industry
Total as a percentage of total industry, 2020
based economy
Other services 2.5% Mining1 11.0%
Australia’s resilience is underpinned by a
diverse mix of competitive industries. In 2020, Ownership of dwellings2 9.1%
the country’s services and goods industries Accommodation and Manufacturing1 5.9%
food services 2.0%
accounted for 81% and 19% of real gross value
added (GVA) respectively. Australia’s mining Information media and
telecommunications 2.4% Agriculture, forestry
sector generated 11.0% of GVA, followed by and fishing1 2.1%
Electricity, gas, water and
financial services (9.4%), ownership of dwellings waste services 2.6%
(9.1%) and healthcare and social assistance Rental, hiring and real
estate services 2.9% Financial and insurance
(8.0%). Technology-driven sectors – including services 9.4%
professional, scientific and technical services, Administrative and
support services 3.2%
education and IT – are worth over 15% of total Total GVA3 =
economic production. A$1,808 billion
Wholesale trade 4.0%
Healthcare and
social assistance 8.0%
Retail trade 4.5%
Transport, postal and
warehousing 4.2%
Professional, scientific and
technical services 7.6%
Education and training 5.2%
Notes: 1. Goods comprise agriculture, forestry and fishing, manufacturing
and mining. 2. Ownership of dwellings is not classified as a good or service.
3. GVA is around 95% of total GDP in 2020. To obtain the GDP, we would need Public administration and safety 6.1% Construction 7.4%
to add taxes, the statistical discrepancy less subsidies to the GVA.
Sources: Australian Bureau of Statistics, 2021, Australian National Accounts:
National Income, Expenditure and Product, Table 6; Austrade
Why Australia Benchmark Report 2021 12Service industries Growth by industry in Australia’s real gross value added
Compound annual growth rate, 1990 to 2020
power ahead
Services Goods1 Not Classified as a good or service
The Australian services sector grew by 3.2% per
year in the three decades to December 2020, Information media and telecommunications 5.1
outpacing growth in the goods sector. The
Professional, scientific and technical services 4.7
information, media and telecommunications
Healthcare and social assistance 4.4
sector grew fastest, at a compound annual
Financial and insurance services 4.2
growth rate of 5.1% over the last 30 years,
Mining 4.2
followed by professional, scientific and technical
Retail trade 3.4
services (4.7%), and healthcare and social
Administrative and support services 3.2
assistance (4.4%).
Construction 3.1
Wholesale trade 3.0
Public administration and safety 2.8
Arts and recreation services 2.7
Rental, hiring and real estate services 2.7
Transport, postal and warehousing 2.5
Ownership of dwellings 2 2.4
Education and training 2.1
Other services 1.8 All-industries average growth:
2.9% per annum
Accommodation and food services 1.7
Agriculture, forestry and fishing 1.4 Services: 3.2%
Electricity, gas, water and waste services 1.2 Goods: 2.3%
Manufacturing 0.5
Notes: 1. Goods comprise agriculture, forestry and fi shing, manufacturing
and mining. 2. Ownership of dwellings is not classified as a good or service. 0 1 2 3 4 5 6
Sources: Australian Bureau of Statistics, 2021, Australian National Accounts:
National Income, Expenditure and Product, Table 6; Austrade
Why Australia Benchmark Report 2021 1302 DYNAMIC INDUSTRIES
Exports underpinned by five key industries 16
A leader in new technologies 17
Abundant reserves of resources and energy 18
A major supplier of resources and energy to Asia’s industries 19
Australia’s surge in solar and wind renewables 20
A top agri-exporter to Asian markets 21
A clean, green source of food and natural fibres 22
Sophisticated financial markets 23
Australia’s A$10 trillion financial sector 24
A top destination for education and skills training 25
A recovering tourism sector 26
Why Australia Benchmark Report 2021 1402 DYNAMIC INDUSTRIES
Strong global demand Australia’s primary industries powered Exports of agri-foods also reached a
export growth in 2019–20. Resources and new high of A$48 billion in 2019–20.
for Australia’s resources, energy exports reached A$290 billion after Beef alone generated exports of A$11 billion
energy and food growing by an average 8.9% per year since in 2019–20. A national reputation for high
2000–01. Asia’s economies are our principal agricultural standards and clean, green
customers. produce means Australian exporters earn
premium prices.
Investment in Australian critical minerals is
growing fast. This is due to soaring demand Australians have maintained their love of
for lithium-ion batteries, renewable energy domestic travel, making up for some of the
plants and high-tech manufacturing. Fresh decline in international tourism. Australia’s
investment in new mines and processing A$10 trillion financial sector continued to
facilities will create a reliable source of global grow in 2019–20, with total assets growing
supply. 9% per year consistently over two decades.
Why Australia Benchmark Report 2021 15Exports underpinned Australia’s globally significant industries
by five key industries
Foreign students in tertiary education1
In a typical year, Australian trade rests on five (8% of the world’s total, 2018)
major industries: resources, energy, agriculture, Third largest in the world.
tourism and education. Australia is one of the
world’s top three exporters of resources and
energy. Australia’s farmers are world leaders
in the production of clean, green premium
produce. Meanwhile, Australia has large and
sophisticated financial markets, with the world’s
eighth largest pool of investment fund assets.
International student arrivals and international
Australia’s investment fund assets Merchandise export –
tourism will remain minimal as long as borders mining and energy
(US$2.2 trillion, September 2020)
are closed. In 2019, around three-quarters of all (US$185 billion, or 6.4% of the
Eighth largest in the world. world’s total, 2019)
visitor spend came from domestic tourism, and
local visitors are sustaining the tourism industry Third largest in the world.
until international borders reopen.
Notes: 1. Inbound students in tertiary education. 2. Agricultural products has Merchandise export Tourism
been defined as codes 0, 1, 4, 9, 21 to 26 and 29 of the Standard International – agricultural products2 (A$139 billion, 2019)
Trade Classification. (US$35.4 billion, or 1.5% of the
Sources: United Nations, 2020, UN Comtrade Database; Investment Company world’s total, 2019) 77% (or A$107 billion) of
Institute, 2020, Quarterly Worldwide Mutual Fund Market; Tourism Research tourism spend comes from
Australia, 2021, unpublished data; World Trade Organisation, 2020, World Top 19 in the world. domestic travellers.
Trade Statistical Review; UNESCO Institute for Statistics, 2021, National
Monitoring – Inbound internationally mobile students by continent of origin;
Austrade
Why Australia Benchmark Report 2021 16A leader in new Australia’s tech credentials
technologies
Australian entrepreneurs and academics work 733 active fintech 500 medtech
well together. They have pioneered world-class companies1 companies
technologies in agriculture, education, financial US$1.2 billion invested (2019–20)2 US$1.8 billion digital health market 5
services and health. Innovation includes Seven fintech companies World top 20 for medtech patents6
in the world’s top 1003
the use of blockchain in finance, immersive A$20bn Medical Research Future Fund
simulation technologies in education, robotics in
medical procedures and the Internet of Things
in agriculture. Australia is also recognised
as a world leader in silicon-based quantum 600 edtech 400 agtech &
computing research. companies4 foodtech companies7
A$2.2 billion edtech market 15 agtech incubators/accelerators
13,000–strong workforce A$800 million invested annually
through 15 Rural R&D Corporations 8
50% of companies are early-stage
startups
Sources: 1. KPMG, 2020, KPMG Fintech Landscape 2020. 2. KPMG, 2020,
Pulse of Fintech H1 2020. Investment activity comprises venture capital,
private equity, and mergers and acquisitions. 3. KPMG and H2 Ventures,
2019, FinTech 100. 4. Austrade, 2021, EduGrowth: Sector overview and
statistics. 5. Frost & Sullivan, 2018, Global Digital Health Outlook. 6. WIPO
Patent Statistics, 2020, Total count by applicant’s origin (equivalent count).
7. KPMG, 2018, Talking 2030: Growing agriculture into a $100 billion industry.
8. Department of Agriculture, 2020, Drought & Emergency Management: A
new focus on agricultural innovation investments to harness collective power
of RDCs.
Why Australia Benchmark Report 2021 17Abundant reserves of Australia’s commodity exports, 2019–20
Resources and energy, with global ranking for production and reserves
resources and energy
Coal A$54.6bn
Resources Energy Other
Australia is a major commodity exporter, with
resources and energy contributing almost three-
quarters of goods exports in 2019–20. Currently,
Australia has the world’s largest reserves of iron Iron ore A$102.7bn
ore, gold and uranium. Liquefied natural gas,
coal and uranium exports make Australia a major Natural gas A$47.5bn
energy supplier to Asian economies. Demand
for lithium-ion batteries used in electric vehicles
Crude petroleum A$8.6bn
will power Australia’s lithium industry. Australia
Refined petroleum A$2.4bn
is already the second-largest producer of rare- Gold and gold coin A$25.4bn
earth minerals, and investment is set to surge as
customers secure global supply chains. Aluminium & bauxite A$12.6bn
Copper A$6.7bn
Other commodity exports A$104.3bn
Other minerals A$4.7bn
Confidential minerals ores A$4.2bn
Crude minerals A$1.2bn
Other ores & concentrates A$3.7bn
Precious metal ores A$1.9bn
Zinc A$1.3bn
Australia’s world ranking for resources and energy
Production Reserves Production Reserves Production Reserves
Bauxite 1 2 Iron ore 1 1 Rutile 1 1
Black coal 4 4 Lead 2 1 Silver 6 3
Sources: Department of Foreign Affairs and Trade, 2020, Trade statistical
Brown coal 6 2 Lithium 1 2 Tantalum 7 1
pivot tables; Geoscience Australia, 2019, Australia’s Identified Mineral
Cobalt 3 2 Natural gas 7 15 Uranium 3 1
Resources; BP, 2020, Statistical Review of World Energy; United States
Geological Survey (USGS), 2020, Mineral Commodity Summaries; Austrade Copper 6 2 Nickel 6 2 Zinc 3 1
Gold 2 1 Rare earths 2 6 Zirconium 1 1
Why Australia Benchmark Report 2021 18A major supplier of Australia’s resources and energy sector, 2000–01 to 2020–21
Nominal value of exports1 , 2000–01 to 2020–21
resources and energy
to Asia’s industries
200
200
Australia’s resources and energy exports have Energy: CAGR² 8.2% (2000–01 to 2020–21)
increased by a factor of five in just 20 years. Resources: CAGR 9.5% (2000–01 to 2020–21) 175
Global exports topped A$291 billion in the
year to June 2020. Asia is the biggest buyer.
150
However, total exports will likely slip by
A$4 billion in 2020–21 because lockdowns
reduced industrial demand in Asia. Australia 116
A$ billion
aims to become a major exporter of renewable
100
energy. The Asian Renewable Energy Hub –
straddling 6,500 square kilometres in Western 79
Australia – will be the world’s largest solar and
wind farm region. The planned ASEAN Power
50
Link project in the Northern Territory aims to
supply solar power to Indonesia and Singapore
via a 4,500-kilometre high-voltage subsea
cable.
0 2000–01
2001–02
2002–03
2003–04
2004–05
2005–06
2006–07
2007–08
2008–09
2009–10
2010–11
2011–12
2012–13
2013–14
2014–15
2015–16
2016–17
2017–18
2018–19
2019–20
2020–21F
Notes: 1. Annual value of commodity exports, free on board (fob).
2. CAGR = Compound annual growth rate.
Sources: Department of Industry, Innovation and Science, Office of the
Chief Economist, 2020, Resources and Energy Quarterly; Northern Territory
Government, 2020, Australia-ASEAN Power Link Project; Austrade
Why Australia Benchmark Report 2021 19Australia’s surge Australia’s renewable energy generation volumes and world rankings
1993–94 to 2018–19E, TWh
in solar and wind
renewables Australia’s gross energy production 2018
World ranking World share %
Solar PV 10 1.8
Renewable energy accounted for 20% of
Wind energy 13 1.2
total electricity generation in 2019 – a record
Bioenergy 24 0.7
for renewables in Australia. Growth is brisk.
Hydropower 33 0.4
Renewables’ share of power generation
Total 21 0.7
has tripled in a decade. In 2019, wind power
50
produced approximately 7% of Australian power, 20 20
solar another 6%, and hydro 6%.
18
Percentage of total electricity generation
40 16
14
Terawatt–hour
30 12
Renewables: as a percentage of total electricity generation (right-hand axis)
10
10
20 8
6
10 4
E = Estimate; TWh = Terawatt-hour.
2
Sources: International Renewable Energy Agency (IRENA), 2020, Renewable
Capacity Statistics; IRENA, 2020, Renewable Energy Statistics; Department of
Industry, Science, Energy and Resources, 2020, Australian Energy Statistics; 0 0
Austrade 1993–94 1998–99 2003–04 2008–09 2013–14 2018–19E
Why Australia Benchmark Report 2021 20A top agri-exporter to Australia’s top 15 export destinations for food and fibre, 2019–20
Asian markets
Exports (A$ billion)
Food and fibre exports reached A$48 billion 2019–20
in 2019–20. Asia is a major customer. Of Unprocessed 18.41
Australia’s 15 top food markets, 12 are in the Processed 29.2
Asia region3, and they account for almost Total 47.52
three-quarters of the nation’s agrifoods
exports. With a reputation for high agricultural
1. China A$14.5bn 4. Korea A$2.9bn
3. US A$4.3bn
standards and a well-regulated food industry, 6. Vietnam A$1.8bn 2. Japan A$5.1bn
Australian produce commands premium prices.
15. UK A$0.6bn
Meanwhile, Australia’s network of regional free
trade agreements gives Australian growers
preferential access to Asian markets.
13. Taiwan A$0.8bn
9. Hong Kong SAR A$1.1bn
12. Philippines A$0.9bn
10. Malaysia A$1.1bn
14. UAE A$0.7bn 5. Indonesia A$2.1bn
Notes: 1. Includes all unprocessed food and live animals; raw hides, skins and
furskins; and all unprocessed textile fibres. 2. Export value of Australian food
and fibre is defined as the total export value of primary products (unprocessed
– food & live animals total); primary products (unprocessed – Other – Hides 11. Thailand A$0.9bn
skins & furskins raw); primary products (unprocessed – Other – Textile fibres
7. New Zealand A$1.7bn
unprocessed & waste); and primary products (processed – food total).
3. The Asia region is defined as Asia and Oceania. 8. Singapore A$1.4bn
Sources: Department of Foreign Affairs and Trade, 2020, Trade statistical pivot
table; Austrade
Why Australia Benchmark Report 2021 21A clean, green source of Australia’s major agricultural commodity exports, 2019–20E
food and natural fibres Export value (A$ billion)
Farm, fisheries and forestry
production = A$66.2 billion
Global markets have developed a taste for high- Commodity A$ billion
Cattle and calves 6 13.1
value, branded, premium Australian produce.
Fruit and nuts (excl. grapes) 5.2
Beef is the biggest export earner, generating $11.3
Wheat 5.0
A$11.3 billion of overseas earnings in 2019–20.
Milk7 4.6
Australia is also a major exporter of wheat, Vegetables 4.4
wine, wool, lamb, fruit, sugar, beef cattle, Lambs 8 3.9
barley, mutton, canola, tree nuts, cheese, raw Wool9 3.1
cotton and rock lobster. Together, these top 15 Poultry 2.9
products contributed almost 70% to the total Barley 2.4
Cattle exported live10 1.9
value of Australia’s A$53 billion of agricultural
Nursery, cut flowers and turf 1.7
exports in 2019–20.
Pigs 11 1.5
Canola 1.4
Softwood 1.4
$3.9
Sugar cane (cut for crushing) 1.3
$2.9 $2.8 $2.7
$1.6 $1.6 $1.6 $1.5
Notes: 1. Includes wheat flour. 2. Greasy wool exports shown on a balance of $1.4
$1.2
payments basis before 2015–16. 3. Includes buffalo. 4. Includes malt. $1.0 $1.0 $1.0
5. Excludes cotton waste and linters. 6. Includes dairy cattle and excludes skin $0.5
and hide values. 7. Milk intake by factories and valued at the farm gate.
8. Excludes skin and hide values. 9. Shorn, dead and fellmongered wool, and
Cheese
Beef and veal
Wheat¹
Wine
Wool²
Lamb
Fruit
Sugar
Live feeder/
slaughter cattle³
Barley4
Mutton
Canola
Raw cotton5
Rock lobster
Tree nuts
wool exported on skins. 10. Includes all bovine for feeder/slaughter, breeding
and dairy purposes. 11. Excludes skin and hide values.
E = ABARES estimate.
Sources: Australian Bureau of Agricultural and Resource Economics and
Sciences, 2020, Agricultural commodities – Statistical Tables 13 and 17;
Austrade
Why Australia Benchmark Report 2021 22Sophisticated financial Global significance of Australia’s financial markets
markets
Australia is home to the world’s eighth largest
pool of managed funds and ninth largest stock US$6,954 billion1 US$2,333 billion4
Assets of Australian Pension assets*
market (by market capitalisation of freely financial institutions*
5th largest in the world
floating stocks). The country’s foreign exchange Five times Australia’s nominal GDP
*2020
and debt markets are both ranked 10th in the *June 2020
world. Australia’s US$2.2 trillion managed funds
sector is underpinned by a mandated retirement
savings scheme – called superannuation – that
US$2,187 billion2 US$119 billion5
has created the fifth largest pension system in Fund assets under OTC foreign exchange daily
the world. management* average turnover*
8th largest in the world 10th largest in the world
3rd largest in the Asia-Oceania region 5th largest in the Asia-Oceania region
*September 2020 *April 2019
US$1,428 billion3 US$2,199 billion6
Stock market* International and domestic debt
securities outstanding*
Sources: 1. Reserve Bank of Australia, 2020, Assets of Financial Institutions – 9th largest in the world
B1; Reserve Bank of Australia, 2020, Securitisation Vehicles – B19; Australian 10th largest in the world
Bureau of Statistics, 2020, Managed Funds, Table 1; Australian Bureau of 3rd largest in the Asia-Oceania region
Statistics, 2020, Australian National Accounts: National Income, Expenditure 3rd largest in the Asia-Oceania region
*Market capitalisation of freely floating stocks,
and Product, Table 3; Australian Prudential Regulation Authority, 2020, December 2020 *Total outstanding value, June quarter 2020
Quarterly general insurance performance statistics; Reserve Bank of Australia,
2020, Exchange Rates 2. Investment Company Institute, 2020, Research &
Statistics, Worldwide Market Data. 3. Standard & Poor’s, 2020, S&P Dow Jones
Indices World-By-Numbers. 4. Willis Towers Watson, 2021, Global Pension Assets
Study. 5. Bank for International Settlements, 2019, Triennial Central Bank Survey
of Foreign Exchange and OTC Derivatives Markets. 6. Bank for International
Settlements, 2019, Debt securities statistics; Austrade
Why Australia Benchmark Report 2021 23Australia’s A$10 trillion Assets of Australian financial institutions, 1999–00 to 2019–20
A$ trillion, year ending June quarter
financial sector
Australian financial markets are large relative Assets of financial institutions % CAGR 1 1999–00
to 2019–20
to the overall size of the economy. The
Authorised Deposit-taking Institutions (ADIs) and 9.7
total estimated value of all financial assets Registered Financial Corporations ( RFCs)1
rose to A$10 trillion (about US$7 trillion) in Managed funds 8.8
2019–20. This equates to five times the value Reserve Bank of Australia 8.4
of Australia’s GDP. The financial sector has Total all financial institutions (AFIs) including other2 9.2
grown on average by over 9% per year over 511%
10 500
the past 20 years, almost doubling its share of ADIs and RFCs 1
Managed funds
the Australian economy. It is now the largest
Reserve Bank of Australia
contributor to the country’s gross value added. 3
8 Other financial institutions2
Total AFI assets as a percentage of GDP
AFI assets % of GDP (right-hand axis)
Assets (A$ trillion)
6
Notes: CAGR = Compound annual growth rate from June quarter 2000 to 250
262%
June quarter 2020.
1. ADIs: Banks, Building Societies and Credit Unions. RFCs: Money Market
4
Corporations, Finance Companies and General Financiers. 2. Other: General
Insurance Offices and Securitisation Vehicles. 3. Gross value added provides
a dollar value for the amount of goods and services that have been produced
in a country, minus the cost of all inputs and raw materials that are directly
attributable to that production.
2
Sources: Reserve Bank of Australia, 2020, Assets of Financial Institutions
– B1; Reserve Bank of Australia, 2020, Securitisation Vehicles – B19;
Australian Bureau of Statistics, 2020, Managed Funds, Table 1; Australian
Bureau of Statistics, 2020, Australian National Accounts: National Income,
Expenditure and Product, Table 3; Australian Prudential Regulation Authority,
0 0
2020, Quarterly general insurance performance statistics; Reserve Bank of
Australia, 2020, Exchange Rates; Austrade 1999–00 2004–05 2009–10 2014–15 2019–20
Why Australia Benchmark Report 2021 24A top destination for International higher education enrolments by regional grouping1
Students on student visas only, year to November 20202
education and skills
training
Australia is the third most popular destination 20195 20205
for foreign students enrolled in tertiary 185.2k
181.7k
Total international higher education enrolments 440,308 418,018
education. In 2020, Australia attracted almost Total higher education enrolments, % change 10.7% -5.1%
% share of all Asian students (excluding Middle East) 90.5% 90.6%
880,000 international student enrolments,
155.9k
Top five broad fields of study 362,129 339,343
which were spread across universities, technical
142.9k Management and commerce 176,150 155,901
colleges, vocational education training colleges,
Information technology 70,645 69,113
English language courses and schools. About Engineering and related technologies 46,515 42,229
80% of students arrived from Asian countries; in Health 37,015 37,983
higher education about 90% arrived from Asian Society and culture 31,804 34,117
countries.
2019 2020
57.4k
53.9k
Notes: 1. Enrolment numbers reflect international student enrolments (by
country of citizenship). 2. 2020 data contains statistics relating to enrolments 12.2k 12.1k 10.5k 9.6k 8.6k 8.2k
in higher education courses in each Australian Higher Education Provider and 6.1k 5.5k 3.3k 3.1k 1.1k 1.0k
is correct as the January 2021 release of student data (revised monthly). 2020 0.0k 0.0k
data should be interpreted with caution. Under current COVID-19 conditions,
Northeast Southern and Southeast Americas North Africa Sub-Saharan North-West Southern Oceania and Other4
an enrolment does not confirm if a student was in Australia at the time of
Asia Central Asia Asia and the Africa Europe and Eastern Antarctica3
reporting. 3. Excludes enrolments from New Zealand as students do not
Middle East Europe
require an international student visa to study in Australia. 4. ‘Other’ includes
enrolments from countries not known or where no further information was
provided. 5. From January to November due to availability of information.
Sources: Austrade, 2020, Market Information Package
Why Australia Benchmark Report 2021 25A recovering tourism Domestic and international visitor spend in Australia from 2010 to 2019
sector 160
International Domestic
140 138.5
Tourism has faced a difficult year on the 124.5 77% of tourism
Expenditure (A$ billion)
120
113.2 spend comes
back of national and state border closures. 99.9
106.5 from domestic
100 94.3 travellers.
Pandemic lockdowns in April 2020 saw almost 86.6 89.0
Australian tourism
82.3
80 78.4 is underpinned by
a complete stop in tourism-related travel. In strong, growing
November 2020, monthly spend on domestic 60 domestic and
international
overnight travel had fallen 34%, year on year. 40 demand.
Despite this, investment in Australian tourism 20
has continued and the opening of borders has
0
allowed Australians to resume exploring regional
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
centres.
Change in domestic overnight spend, 2020 COVID-19 affected months compared with 2019
March April May June July August September October November
0
Percentage change, year-on-year
-20
-34%
-40 -39%
-41%
-52% -53%
-60 -56%
-65%
-80
-82%
-91%
Sources: Tourism Research Australia, 2021, unpublished data; Austrade -100
Why Australia Benchmark Report 2021 2603 INNOVATION & SKILLS
Australia’s roll call of innovation 29
An innovative, highly educated nation 30
Tech-savvy talent 31
First-rate digital and mobile networks 32
Significant investment in education 33
A big spender on research and development 34
High-impact research across multiple fields 35
A pioneer in health sciences and practical medicine 36
Top-ranking academic institutions 37
A leading contributor to UN Sustainable Development Goals 38
A warm welcome for talented migrants 39
Why Australia Benchmark Report 2021 2703 INNOVATION & SKILLS
Highly skilled, tech-savvy Australian science and research contribute spending on education exceeds the OECD
significantly to global innovation. In terms average. Australians now rank in the global
talent that attracts global of research publications, Australian top 10 for skills.
academics are global leaders in 20 critical
enterprise Our talent is not just home-grown. In 2019,
fields, including space science, physics,
Australia had the third highest proportion
computer science and clinical medicine.
of foreign-born citizens among OECD
We are pioneers in many areas of health countries. This is twice the average for
and life sciences. Australian inventors have OECD countries.
developed scores of technologies. These
Today, Australia is a magnet for global
include innovations such as the electronic
talent. From medicine to IT, high-skilled
pacemaker in 1926 and the cervical cancer
professionals are drawn to world-class
vaccine in 2006.
institutions across the country. They bring
Australian universities are globally renowned skills that help build Australian business,
and the quality of their education builds our science and technology prowess in the
world-leading talent. Today, seven Australian Asia-Oceania region and around the world.
universities rank in the world’s top 100, and
Why Australia Benchmark Report 2021 28Australia’s roll call Australia’s innovation credentials
of innovation
Australia is a nation of inventors and CSIRO ranks in the
entrepreneurs. Our innovations include the
Ranked 1st Top 1%
electronic pacemaker (1926), the ‘black box’
For technological readiness1 of the world’s scientific institutions
flight recorder (1958), ultrasound (1961),
in 15 of 22 research fields4
multi-channel cochlear implants (1970s), the
polymer banknote (1988), Wi-Fi (1990s), Google
Maps (2003) and a cervical cancer vaccine
(2006). With dynamic links between academia,
industry and public services, Australia welcomes Ranked 3rd About 44%
investment in its intellectual capital to help lay For number of universities of Australian firms are
in the world’s top 1002 ‘innovation-active’5
the groundwork for future discoveries.
Ranked 6th Around 47%
Global entrepreneurship3 of Australia’s workforce has a
tertiary qualification6
Sources: 1. Economist Intelligence Unit, 2018, Preparing for disruption:
Technological Readiness Ranking. 2. Shanghai Ranking Consultancy, 2020,
Academic Ranking of World Universities. 3. Global Entrepreneurship and
Development Institute, 2019, Global Entrepreneurship Index 2019.
4. Commonwealth Scientific and Industrial Research Organisation, 2020, CSIRO
Annual Report 2019–20. 5. Department of Innovation, Industry and Science,
2020, Australian Innovation System Monitor. 6. Australian Bureau of Statistics,
2020, Education and Work, Australia, Table 13. 7. Austrade
Why Australia Benchmark Report 2021 29An innovative, highly Skilled workforce and innovation indicators – Global rankings
educated nation
Australia US UK France Germany Japan Korea China India Singapore
International studies show that Australia’s
WEF Global Competitiveness Report 2019
workforce is competitive across multiple indicators. Ranking (141 economies)(a) in:
According to the World Economic Forum Global School life expectancy years 1 30 6 39 17 49 25 76 88 27
Competitiveness Report 2019, Australia’s scientific Diversity of workforce 3 7 14 65 16 106 86 78 80 1
Reliance on professional management 6 10 26 32 25 12 54 51 41 3
publication scores are among the world’s highest,
Willingness to delegate authority 8 7 22 42 16 27 85 57 71 17
and so are its metrics for critical thinking in
Ratio of wage and salaried female workers/ 10 39 12 23 27 62 59 56 128 31
teaching. Australia ranks the eighth highest in male workers
the world on the UN’s Human Development Index, Mobile-broadband subscriptions 1 10 7 34 42 58 2 21 36 116 6
Scientific publications scores 10 1 2 5 3 6 18 13 21 23
an important comparative measure of literacy
Critical thinking in teaching 11 9 14 36 10 87 82 25 55 21
and education. Australia also ranked in the top
United Nations Human Development
nine for availability of foreign highly skilled labour, Report 2019 Ranking (189 economies)(b) in:
according to a study by the International Institute Human development index 2 8 17 13 26 6 19 23 85 131 11
for Management Development. IMD World Competitiveness Yearbook
2020 Ranking (63 economies)(c) in:
Foreign tertiary students per 100 inhabitants 1 29 7 24 23 45 41 55 60 4
Availability of finance skills 6 10 14 23 22 53 28 31 25 7
Notes: 1. Per 100 people. 2. Index combines economic, social and educational Availability of foreign highly skilled personnel 9 2 18 28 20 54 43 32 46 5
indicators. 3. E-participation is assessed based on features of national
e-government portals, especially the availability of online information on Attracting and retaining talent 10 6 32 33 22 14 11 29 37 18
policies and budgets, or free access to online government services. 4. Per
The Global Innovation Index 2020
1,000 people, aged 15-69. 5. Human capital and research includes education,
Ranking (131 economies)(d) in:
tertiary education and research and development. 6. The H-Index is a numerical
indicator of how productive and influential a researcher is. 7. Generic top- E-participants 3 5 5 5 13 23 5 1 29 15 13
level domains (gTLDs) are one of the categories of top-level domains (TLDs)
maintained by the Internet Assigned Numbers Authority (IANA) for use in the Entertainment & media market4 7 2 8 15 12 5 18 37 60 20
Domain Name System of the Internet. 8. Per 1,000 people, aged 15–69. Government's online services 7 2 4 4 17 9 4 34 9 2
Sources: (a) World Economic Forum, 2019, Global Competitiveness Report;
(b) United Nations, 2020, Human Development Report; (c) International
Human capital and research5 9 12 10 13 5 24 1 21 60 8
Institute for Management Development, 2020, IMD World Competitiveness Citable documents H-index6 10 1 1 5 3 6 17 13 21 23
Yearbook 2020; (d) Cornell University, INSEAD, World Intellectual Property
Organization, 2020, Global Innovation Index 2020; Austrade Generic top-level domains (TLDs)7, 8 10 1 11 18 14 31 43 74 99 23
Why Australia Benchmark Report 2021 30Tech-savvy talent Cisco Global Digital Readiness Index1 , 2019
According to industry reports, Australia’s
population scores highly for digital skills. The
annual Digital Readiness Index published by
Cisco ranks Australia third in the Asia-Oceania 20.3
region, and twelfth globally. Australia scored 19.5
19.0
18.2
highly across all seven components of digital 18.0 17.9 17.9 17.8 17.7 17.7
17.3
readiness: basic needs; human capital; ease 16.2
15.7
of doing business; business and government
14.3
investment; startup environment; technology 13.6
13.2 13.2
12.3 12.3
infrastructure; and technology adoption. 12.1 11.7
11.0
9.5
UK (13)
Singapore (1)
Luxembourg (2)
US (3)
Korea (8)
Finland (11)
Australia (12)
Germany (14)
Japan (16)
Canada (17)
Malaysia (38)
Russia (45)
China (54)
Thailand (55)
Mexico (66)
Brazil (67)
Vietnam (70)
Indonesia (73)
Philippines (81)
India (101)
France (23)
New Zealand (15)
Spain (26)
Notes: 1. The number in brackets represents the country’s global ranking
across 141 countries. The digital readiness of a country is determined by
examining seven components. These are standardised and summed to obtain
an overall digital readiness score measured out of a possible total of 25 points.
The seven components are basic needs; human capital; ease of doing business;
business and government investment; startup environment; technology
infrastructure; and technology adoption.
Sources: Cisco, 2019, Global Digital Readiness Index; Austrade
Why Australia Benchmark Report 2021 31First-rate digital and Mobile download speeds by market, during 1 July 2020 to 28 September 2020
mobile networks Average download speed (Mbps)
Australia’s 5G network is superb by international 4G Download Speed
377
standards. Average download speeds are
5G Download Speed
currently far faster than in many major 336
economies, including the US, Germany, the UK
and Canada. Access to high-speed internet and
mobile networks is central to economic growth
and job creation. A study across OECD countries
found that an increase in internet speed
212 216
positively affected GDP per capita. 201
184 185
166 170 171
129 130
107
93
60 58 61
52
47 43
Notes: Opensignal is the independent global standard for understanding the 29 32 29 29 33 30
24 25 26
true state of the world’s mobile networks based on measurements of real user
11
experience.
Sources: Opensignal, 2020, Benchmarking the global 5G user experience,
US
Netherlands
Germany
Hong Kong SAR
UK
Switzerland
Thailand
Italy
Canada
Kuwait
Spain
Taiwan
Korea
Saudi Arabia
Australia
October 2020; Kongaut, Chatchai & Bohlin, Erik, 2014. “Impact of broadband
speed on economic outputs: An empirical study of OECD countries,” 25th
European Regional ITS Conference, Brussels 2014 101415, International
Telecommunications Society (ITS); Austrade
Disclaimer: Figures were reproduced with permission of Opensignal from
Benchmarking the global 5G user experience, published on 13 October ©
2020 Opensignal Limited - All rights reserved. https://www.opensignal.
com/2020/10/13/benchmarking-the-global-5g-user-experience-october-
update
Why Australia Benchmark Report 2021 32Significant investment Expenditure on educational institutions across OECD countries1
As a percentage of gross domestic product, 20172
in education
Australia ranks seventh for spending on
Total tertiary education
educational institutions as a proportion of
Primary, secondary education and
GDP, among OECD countries. At 6.0%, the 6.6 post-secondary non-tertiary education
country exceeds the OECD average of 4.9%. 6.3 6.3 6.3
6.2 6.1
6.0
Comparatively, Australia scores even higher 5.9
5.7
5.5 5.4
marks for tertiary education. Spending in higher 5.2
5.0 OECD average (4.9%)
education increased from 1.5% of GDP in 2005
to 2.0% in 2017, propelling Australia into fourth 4.4 4.3 4.2
place among OECD countries. 4.0
3.9
3.4
3.2
Sweden (13)
Norway (1)
New Zealand (2)
Chile (3)
UK (4)
Israel (5)
US (6)
Australia (7)
Canada (8)
Colombia (10)
Spain (24)
Italy (30)
Ireland (33)
Luxembourg (35)
Japan (27)
Mexico (21)
Denmark (12)
Finland (15)
Korea (18)
Germany (26)
Notes: 1. Expenditure on all public and private institutions. 2. Latest
data available from OECD database: https://stats.oecd.org/Index.
aspx?DataSetCode=EAG_FIN_RATIO.
Sources: Organisation for Economic Co-operation and Development, 2020,
OECD.Stat; Austrade
Why Australia Benchmark Report 2021 33A big spender World of research and development
Size of circle reflects the relative amount of annual gross domestic expenditure on R&D (GERD)
on research and in US$ current prices and purchasing power parity terms
development
Australia’s annual gross domestic expenditure on
research and development (GERD) reached
18.0
A$34 billion in 2018–19. This places Australia
alongside the UK, Singapore and France as
one of the highest spenders on research and
Number of researchers per 1,000 employees
16.0
development (R&D). Australia’s trend in R&D is Sweden
Korea
upwards. GERD rose by around 7% per year from
Taiwan
2000–01 to 2018–19 and it now represents 1.8%
12.0
of Australian GDP. This creates a pool of skilled
Singapore
France
researchers who are globally competitive. New Zealand Germany
Japan
UK Netherlands
Canada GERD US$ current
8.0 Regions prices (PPP terms)
Australia Germany
Spain
BRICS < 20 billion
US
Italy
Russia North America 20 billion
China to 100 billion
Turkey EU
4.0
Other OECD
South members >100 billion
Notes: GERD % of GDP and GDP Values (PPP) refer to 2018 except for India Africa Brazil
Mexico Other countries
Australia, New Zealand and Brazil (2017), and South Africa (2016). Researcher
figures refer to 2018 except for Australia (2010), Brazil (2014), Mexico and
0.0 Indonesia
South Africa (2016), US, Canada and New Zealand (2017). All data were sourced
from OECD Dataset: Main Science and Technology Indicators except for Brazil, 0.0 1.0 2.0 3.0 4.0 5.0
India and Indonesia from the UNESCO Institute for Statistics (UIS). Gross domestic expenditure on R&D as a percentage of GDP
Sources: Organisation for Economic Co-operation and Development, 2020,
OECD Dataset: Main Science and Technology Indicators; United Nations
Educational, Scientific and Cultural Organization, 2020, UIS Statistics;
Austrade
Why Australia Benchmark Report 2021 34High-impact research Relative impacts of Australian scientific publications by research field, 2015–19
across multiple fields
Global average: 1.0
Australia’s research publications achieve an
Space science 1.77
impact that is at least 20% above the global Physics 1.76
average in 20 out of 22 fields of academic Computer science 1.66
research. Australia’s four strongest categories Clinical medicine 1.65
of published research are in space science, Multidisciplinary 1.64
physics, computer science and clinical medicine. Materials science 1.52
The 20 categories where Australia outscores Molecular biology and genetics 1.51 Very high index
the global average reflect our diverse research Engineering 1.48
skills. Environment/ecology 1.45
Plant & animal science 1.41
Microbiology 1.38
Geosciences 1.37
Immunology 1.37
Mathematics 1.37
Biology & biochemistry 1.36
Chemistry 1.34
Neuroscience & behavior 1.29
Agricultural sciences 1.27
Pharmacology & toxicology 1.25
Psychiatry/psychology 1.23 High index
Social sciences, general 1.17
Economics & business 1.08
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0
Sources: InCites , Clarivate Analytics, 2020, InCities dataset, data as at
TM
29 October 2020; Austrade
Why Australia Benchmark Report 2021 35A pioneer in health Health research by country1
Life science2 count score, 1 September 2019 – 31 August 2020
sciences and practical
medicine
12,703
Australia is one of the world’s top 10 countries
for contributing to life sciences research.
According to an index published by Nature, one
3,536
of the world’s oldest science journals, Australian
researchers and institutes published 1,168 3,135
3,038
academic articles in accredited journals in
2019–20. This puts Australia ahead of
Switzerland and Israel, and just behind France,
Canada and Japan.
1,734
1,531
1,346
1,168 1,133
835
540 503
360
287 281 255 229 222
165
28
Finland (20)
US (1)
UK (2)
Germany (3)
China (4)
France (5)
Canada (6)
Japan (7)
Switzerland (9)
Korea (16)
Singapore (19)
Brazil (22)
Russia (24)
New Zealand (31)
UAE (54)
India (23)
Norway (21)
Sweden (12)
Israel (15)
Australia (8)
Notes: 1. The number in brackets indicates the country’s ranking across 170
countries. 2. This list of life sciences comprises the branches of science that
involve the scientific study of life and organisms – such as microorganisms,
plants, and animals including human beings.
Sources: Nature, 2020, Life Science Index; Austrade
Why Australia Benchmark Report 2021 36Top-ranking academic Academic ranking of world universities, 2020
institutions
Seven Australian universities are in the world’s Economies Top 100 Top 200 Top 300 Top 400 Top 500 501 to Top 1 to
1000 Top 1000
top 100, according to the 2020 Academic
1 US 41 65 94 114 133 73 206
Ranking of World Universities (ARWU), 2 UK 8 20 28 34 36 29 65
published by the Shanghai Ranking Consultancy. 3 Australia 7 8 15 22 23 11 34
4 China 6 22 32 49 71 73 144
Australia’s academic performance keeps rising.
5 France 5 8 12 16 17 13 30
In 2020, 23 Australian universities were listed in 6 Switzerland 5 7 7 7 8 1 9
the ARWU top 500 ranking, compared with just 7 Germany 4 10 19 24 30 19 49
14 in 2004. The top performers are: University 8 Canada 4 9 12 18 19 9 28
9 Netherlands 4 9 10 10 12 1 13
of Melbourne; University of Queensland;
10 Japan 3 7 8 10 14 26 40
Australian National University; University of 11 Sweden 3 5 6 9 11 3 14
New South Wales; University of Sydney; Monash 12 Belgium 2 4 5 7 7 1 8
University; and University of Western Australia. 13 Denmark 2 3 3 5 5 1 6
14 Singapore 2 2 2 2 2 2 4
15 Israel 1 4 4 4 6 1 7
16 Norway 1 2 2 3 3 2 5
17 Russia 1 1 1 2 3 8 11
18 Finland 1 1 1 2 3 5 8
19 Italy 0 3 7 10 17 29 46
20 Hong Kong SAR 0 2 4 5 5 2 7
21 Saudi Arabia 0 2 3 3 4 0 4
22 Korea 0 1 6 9 11 21 32
23 Spain 0 1 5 9 13 27 40
24 Austria 0 1 3 5 7 7 14
25 Brazil 0 1 1 3 6 16 22
Top 1 to 25 economies 100 198 290 382 466 380 846
Top 26 to 63 economies 0 2 10 18 34 120 154
Sources: Shanghai Ranking Consultancy, 2020, The Academic Ranking of Total 100 200 300 400 500 500 1,000
World Universities; Austrade
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