Bill Shorten

Minister for Financial Services & Superannuation

14 September 2010 - 1 July 2013

Media Release of 13/01/2012

NO.001

Australia Rates in Top Three in the World on Economic Freedom

Australia's strong economic fundamentals have received another resounding endorsement today with the release of the Heritage Foundation and Wall Street Journal's annual 2012 Index of Economic Freedom report.

The report ranks Australia as number 3 in the world for economic freedom, well ahead of the United States and our other major trading partners.

Our overall score of 83.1 is 0.6 point higher than last year, reflecting better scores in trade freedom, government spending, and fiscal freedom.

Today's report is the latest endorsement from the international community of the Gillard Government's strong fiscal discipline.

Australia recently achieved the gold plated AAA rating from all three ratings agencies for the very first time in our nation's history.

But we cannot afford to be complacent - that is why the Government is investing heavily in skills, infrastructure and productivity - and is tackling the patchwork pressures in our economy with tax cuts for small business - opposed by the Coalition.