Australia Now One Of The World's Top 10 Business Environments, According To New World Bank Report

Online, November 12, 2012 (Newswire.com) - The annual World Bank Doing Business report shows Australia up one place on last year's ranking to edge into the world's top 10 most business-friendly economies.

With the Doing Business series now in its 10th year, the new report, Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises, assesses regulations affecting domestic firms in 185 economies, ranking each on the basis of various criteria including ease of starting a business, insolvency resolution, and cross-border trade. Since 2009, Russell Bedford member firms have contributed to the report's Paying Taxes survey, which examines the regulatory and financial burden of tax compliance on companies worldwide.

While the country moved up two places in the rankings for ease of paying taxes, at 48th it remains far behind other OECD peers including Ireland (6th), Canada (8th) and the UK (16th). Greg Ralph, managing partner of Russell Bedford's Sydney member firm Gould Ralph Chartered Accountants, feels the country's performance, overall, is mixed. "While it is gratifying to see an improved ranking for the country's general business environment, the data reveals concerns in other areas such as cross-border trade and property registration."

The report suggests a promising environment for the country's entrepreneurs, however, with Australia ranked only behind New Zealand as the second easiest country in which to start a business. Greg Ralph added: "In the current environment, this is very encouraging news. Australian start-ups can be in business within two days - a very favourable comparison against the current OECD average of twelve."

Contacts:

Greg Ralph
Gould Ralph Chartered Accountants
Level 42, Suncorp Place
259 George Street
Sydney, NSW 2000, Australia
T: +61 2 9032 3000
F: +61 2 9032 3088
E: gralph@gouldralph.com.au
W: www.gouldralph.com.au