Australia has been placed third in the Heritage Foundation’s 2012 Index of Economic Freedom, scoring an overall 83.1, up 0.6 from last years report.

 

The report singles out the ‘excellent protection of property rights and independent judiciary that enforces anti-corruption measures effectively’, as the main factors of the country’s strong performance.

 

“Australia’s modern and competitive economy benefits from the country’s strong commitment to open-market policies that facilitate global trade and investment. Transparent and efficient regulations are applied evenly in most cases, encouraging dynamic entrepreneurial activity in the private sector,” the report found.

 

The report has been welcomed by Minister for Financial Services Bill Shorten, who described the findings as evidence of strong economic fundamentals.

 

“This recognition is testament to Australia's solid growth amid global  uncertainty, our strong fiscal discipline, and effective regulatory structures marked by transparency, accountability and flexibility,” Mr Shorten said.

 

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