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PricewaterhouseCoopers Melbourne Institute Asialink Index 2009The second annual PricewaterhouseCoopers Melbourne Institute Asialink Index was launched on 6 November by the Hon John Brumby, Premier of Victoria. The Index shows that the growth of Australia’s engagement with Asia continues to outpace its interactions with the rest of the world, and the uptake of educational services could provide the key to stronger relations with Asia. Since 1990, Australia’s regional relationships have multiplied four and a half times compared to only a three-fold increase in engagement with its traditional US and European allies. The Index measures changes in engagement between Australia and 25 Asian economies across key areas including trade, investment, tourism, education, migration, business development and humanitarian assistance between 1990–2008. Education spurs bilateral activity The Index has found a statistical correlation between the uptake of educational services and future bilateral activities including tourism, migration, investment and trade. Professor Glyn Davis, Vice Chancellor, Melbourne University says, “The Index confirms that education is not only an important economic contributor – it is Victoria’s single largest export, contributing $4.9 billion in 2008 – but is also a good barometer of our relationship with Asia”. Japan eclipses China Japan reclaimed its position from China as Australia’s leading trade partner in 2008. Japan, the world’s second largest economy, accounted for nearly one third (30 per cent) of Australia’s exports to Asia, and provided 17 per cent of Australia’s imports. Japan also provided Australia with its largest capital injection from Asia, with investments totaling $20.3 billion – a 58 per cent rise on the prior year. With large investments in resources, food and beverage, Japan was responsible for 13 per cent of total foreign investment into Australia. Derek Kidley, a Partner with PricewaterhouseCoopers said, “Japan has been among Australia’s leading trade partners for more than four decades . . . but we must remember the importance of our other regional neighbours, particularly the ASEAN nations, as well as South Korea and India. Last year, our trade engagement with Asia grew by a massive 25.4 per cent”. Research and business development declines A substantial fall in Australian business visits to Asia contributed to the Research and Business Development (R&BD) Index dropping 10.3 per cent – the most significant decline since 1999. Japan, China and South Korea were among countries that recorded falls in this area during 2008. Jenny McGregor, CEO Asialink, said: “Strong Research and Business Development relations can create future connections, open market opportunities into countries, and help inform future business decisions. This in particular is a dimension of Asian engagement not captured by other measurements.” Other factors influencing the fall in R&BD included: a fall in Asian businesses patenting in Australia; a slight reduction in the number of Asian business associations operating in Australia/government offices dedicated to promoting Australia-Asia business; and a fall in the number of Australia-Asia research papers published on the Internet. Understanding the Index Although there is no single objective way to measure engagement, the Index uses seven quantifiable measures: trade, investment, research and business development, education, tourism, migration. The Index tracks engagement along these seven dimensions between 1990 and 2008. The Index is an unweighted average of its seven components, each of which uses 1990 as the base year and 100 as the base number. Trade and investment are measured using monetary values. The education, tourism, migration components by number of people. Research and business development, and humanitarian assistance are shown in index format. Report EnquiriesAssociate Professor Elizabeth Webster Principal Research Fellow Melbourne Institute of Applied Economic and Social Research, The University of Melbourne Tel: 03 8344 2114 Email: e.webster@unimelb.edu.au Media Enquiries: Cliff Howard Communications and Publicity Manager Melbourne Institute of Applied Economic and Social Research, The University of Melbourne Tel: 03 8344 2154 Mobile: 0402 780050 Email: howardc@unimelb.edu.au |
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Date Created: 11 November 2009 |
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