Australia ranked number one in prosperity index

December 22, 2008

Australia ranked number one spot in prosperity index

Australia has topped the rankings in a prosperity index of more than 100 countries, with its quality of life and economic strength pushing it into number one spot.

The Legatum Institute’s Prosperity Index of 104 nations measures the material health of a country, including wealth, quality of life and life satisfaction.

Australia has topped the 2008 index, ahead of Austria and Finland in that order.


Report claim that “(Australia) has reinvented itself as a wealthy, service-oriented economy with good scores on liveability indicators, including health, charitable giving and effective governance,” Legatum said.”Strong norms or civic participation, robust health, and plenty of leisure time contribute to the high liveability ranking.” While Asian powerhouses Singapore, Taiwan and Hong Kong scored well economically, their livability dragged down their performance.

According to Vice president of the institute, Dr William Inboden, said Australia had the fundamentals right.”True prosperity consists of more than money – it also includes happiness, health and liberty,” he said.

“The Prosperity Index shows that in addition to economic success, a society’s prosperity is based on strong families and communities, political and religious liberty, education and opportunity, and a healthy environment.

“The Australian government earns high scores on corruption control and overall effectiveness, supporting the country’s quality of life in many areas.”Strong civic participation by Australian citizens furthermore contributes to the high levels of life satisfaction.

“Bottom of the list was Yemen, with Zambia and Zimbabwe not faring much better.The financial crisis-racked United States was rated equal fourth, alongside Germany and Singapore.


The key drivers of differences between countries in levels of material wealth vary according to their level of development. For poorer countries (those with average incomes of less than US $10,000 per capita), where increasing material wealth is a particular priority, the most important components of economic competitiveness are:

· Government Effectiveness

· Levels of Education

· Growth in Invested Capital

· Low Costs of Starting a Business

· Commercialisation of Innovation

· Low Dependence on Foreign Aid

· Low Dependence on Commodity Exports

· Economic Openness

For richer countries (those with incomes greater than US $20,000 per capita) that wish to experience continued economic growth the most important components of competitiveness are:

· Invested Capital

· Education

· Entrepreneurship

· Commercialisation of Innovation

The drivers of differences between countries in their levels of life satisfaction also vary according to their level of development. In richer countries, where moving beyond material wealth to broader wellbeing is an important goal, the most important components of comparative liveability are:

· Continued High Levels of Income

· Good Health

· Political Rights and Civil Liberties

· Freedom of Choice

· Charitable Giving

· Family Life

· Equality of Opportunity

· Pleasant Natural Environment

· Community Life

· Religious Freedom

Many poor countries have surprisingly high levels of wellbeing, because traditional social strengths can compensate, at least somewhat, for low average standards of living. In poor countries, the most important components of comparative liveability are:

· Family Life

· A Warm Climate

· Religious Faith

The 2008 Prosperity Index finds that both individuals and governments have a role to play in promoting national prosperity. Governments alone cannot create nor mandate prosperity, but they can foster an environment that encourages prosperity through wise policies.

It is individuals, however, who must choose to take ownership of their lives and enhance their individual prosperity. A website dedicated to measuring personal prosperity, the Personal Prosperiscope, has been created at


1.  Australia  2.  Austria 2.  Finland 4.  Germany 4.  Singapore 4.  United States 7.  Switzerland 8.  Hong Kong 9.  Denmark 9.  New Zealand 11.  Netherlands 12.  Sweden 13.  Japan 14.  Norway 14.  France 14.  Belgium 14.  Canada 14.  United Kingdom 19.  Israel 20.  Ireland

The 2008 Prosperity Index includes both factors driven by individual choice, such as volunteering and charitable giving, factors driven by the choices of policymakers, such as economic openness and good governance, and factors influenced by both, such as health


How good are the Australian Education Institutions and Australian Education System

November 20, 2008

Australia has traditionally been the home of inventors and scientists right from its early settlement. As a far colony, this was partly out of necessity because in our early days, Australians were a long way from the rest of the world and they had to rely on what could be produced locally. However, it is also true that Australian education system, and especially Australian universities, is responsible for developing a culture of innovation and discovery.

 sydney-opera-house-bridge-5Australian culture of innovation aims to:

             make the best use of national and international information networks,

             encourage creativity in all forms of research,

             promote collaboration between university researchers and industry,

             disseminate the outcomes of research to the wider community.

Australian scientists and researchers have been responsible for many advances in business and industry, and have made significant contributions in medical science. Their investigations over the years have had a profound impact on the lives of ordinary people around the world.

Australian population is only 20 million but Australians have already won many prestigious international awards including eight Nobel Prizes which are:

             2005 – Medicine

             1996 – Medicine

             1975 – Chemistry

             1973 – Literature

             1963 – Medicine

             1960 – Medicine

             1945 – Medicine

             1915 – Physics

Australians are acknowledged as being dynamic and innovative. Australia has been a pioneer in solar energy research and Australian scientists are investigating other potential energy sources.

Australian advances in technology include the development of an internationally accepted aircraft landing system, the black box flight recorder, bionic ear implants, a heart pacemaker, the vaccine for cancer of the cervix, Continuous Positive Airway Pressure (CPAP) for sleep apnea treatment  and computer hardware and software.

Australia is also at the forefront of producing new technologies such as wave-piercing ocean catamarans, solar-powered cars and the revolutionary orbital engine.

Innovations in science and technology are strong drivers of economic growth. Australia is both

well-positioned and well-resourced to make a difference in the global innovation race.

Some other significant Australian inventions in recent years include:

             Penicillin – (Howard Walter Florey).

             Ultrasound scanners – (Sonography)

             Radio telescopes.

             Photovoltaic cells (Solar cells).

             The Boomerang.

             The Xerox photocopying process.

             The Electric Drill.

             Postage stamps.

             Regular “around the world” airline services.

             The inflatable aircraft escape slide.

             The automatic letter-sorting machine.

             The two stroke lawn mower.

             The rotary hoist washing line.

             Lithium as a treatment for manic depression.

             Latex gloves.

             Flexible wine casks – (Box wine).


International Education Agency-AUSTRALIA