Australia's competitiveness worsens: WEF

Australia's global competitiveness has worsened in the past year, dropping one place to 22nd in the World Economic Forum's rankings.

It was Australia's worst standing in two years, and leaves it lagging behind competitors Canada (15th) and New Zealand (13th) - and the top three of Switzerland , Singapore and the United States.

"The key policy message ... is that Australia must work harder just to keep up with the improvements to competitiveness among our peers," Australian Industry Group chief executive Innes Willox said in a statement.