Australia one of world's most financially-developed nations

Mozo

Monday 12 October 2009

Aussies looking to compare credit cards may be interested to learn that the country has emerged in the top two of an international finance ranking.

The World Economic Forum compiled the list, which saw the UK take the top spot, but Australia came in second ahead of the US, which was formerly number one.

Rankings were based on a series of criteria, including the size and depth of capital markets, as well as the level of financial activity, in order to determine the world’s most financially-developed countries.

This may be welcome news to those with high interest savings.

However, the powerful countries have performed much worse compared to developing nations.

RGE Global Monitor representative Nouriel Roubini, who co-authored the report, told the BBC: "Countries with more regulation in financial systems are more stable, but access to credit is much weaker. There is a trade-off."

Last week, the big four banks increased their interest rates following the Reserve Bank of Australia’s decision to raise the cash rate by 25 basis points.

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