Australia’s reputation as an ideal destination for trade and investment was further strengthened today with the release of a new benchmark report by the Australian Trade and Investment Commission (Austrade).

The 2024 Why Australia Benchmark Report outlines Australia’s competitive advantages, drawing on key economic, financial, social and demographic data from respected sources.

Austrade CEO Xavier Simonet, said the results of the report were clear and compelling for investors.

“The report highlights Australia's reputation as a transparent, open, stable, globally connected economy, and it is the reason we're a leading destination for innovative start-ups, research organisations and large multinationals,” he said.

“Australia has preferential market access to the dynamic Asia-Pacific, and geographically, has the fast-growing Southeast Asia region on our doorstep.

“The report also emphasises Australia’s strengths as a global leader in renewable energy, with significant opportunities for investors in renewable hydrogen, critical minerals, green metals and manufacturing,” Mr Simonet said.

Australia had the highest global ranking for adopting and adapting frontier technologies – with noteworthy Australia inventions including WiFi, the electronic pacemaker, the bionic ear and polymer bank notes.

Australia’s global rankings at a glance:

• #1 Legal system - A transparent and fair legal system
• #1 for adopting and adapting frontier technologies
• #4 for talent attractiveness
• 5th-most attractive destination for investment in renewable energy
• 2nd largest exporter of energy and resources
• 6th largest producer of solar energy
• 18 free trade agreements (FTAs)
• Australian dollar is the 6th-most traded currency worldwide