Australia trumps US in rankings
(9 October 2009 – Global) Australia has beaten out the US to come in as the world’s second best financial centre, behind only the UK in a report released by the World Economic Forum.
The World Economic Forum released a report ranking 55 of the world’s leading capital markets and financial systems.
Australia has made a remarkable leap from 11th to second in the report, the ranks are based on over 120 variables including institutional and business environments, financial stability, and size and depth of capital markets.
The survey showed that due to the economic crisis most countries ratings had dropped significantly and Australia was the only country in the top ten to achieve a positive change.
One of the surveys authors, James Bilodeau, told ABC News that it is something of a surprise, and achievement, for a relatively small country like Australia to trump the US in the rankings.
The main factor appears to have been Australia's relatively unscathed survival of the global financial crisis, Mr Bilodeau added.
Australia has made a remarkable leap from 11th to second in the report, the ranks are based on over 120 variables including institutional and business environments, financial stability, and size and depth of capital markets.
The survey showed that due to the economic crisis most countries ratings had dropped significantly and Australia was the only country in the top ten to achieve a positive change.
One of the surveys authors, James Bilodeau, told ABC News that it is something of a surprise, and achievement, for a relatively small country like Australia to trump the US in the rankings.
The main factor appears to have been Australia's relatively unscathed survival of the global financial crisis, Mr Bilodeau added.
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