Australia moves into top ten of World's Most Valuable Nation Brands
Australia has moved up to tenth position in the Nation Brand 2013 Study by leading brand valuation consultancy Brand Finance, with its Brand Value growing to US$1.257 billion - and evidence suggests the tourism sector has played its part.
In monetary terms Australia achieved the third largest increase in value with a change of $305 billion compared to last year. Only the USA and China had larger growth.
Australia's Brand Value has grown 32 per cent, well above the global average of 13 per cent of the Top 100 Nation Brands, rising above both Russia and Italy.
Since 2012 Spain has lost US$183 billion in its Nation Brand Value.
Asian nations dominate the list of fast risers, and Australia (although performing well in its own right), is rising along with its neighbours.
As the western hemisphere heals from the Global Financial Crisis a new order is emerging. Spain has fallen 20 per cent, Italy by six per cent and Greece by 34 per cent in Nation Brand Value. Australia has done remarkably well to increase by 32 per cent and enter into the world's Top Ten Most Valuable Nations.
Australia has a 'Very Good' Nation Brand, with an AA rating (held by the number one ranked United States and other top performers Canada, the United Kingdom and Germany) and a strong BSI score.
Its strength in education and entrepreneurship leads the nation to have some of the most talented people with highly sought after skills. Australia ranks amongst the Top Ten for nations performing strongly in tourism.
Australia has little difficulty in endorsing itself as a prime destination of choice for both domestic and foreign holiday-makers, attracting 6.3 million visitors in 2013 including a five per cent growth in international visitors. This is in line with the tourism industry's goal of generating AU$115 billion by 2020.
With the mining boom entering the twilight phase, the strength of the Australian dollar has fallen. This will be welcome news for foreign investors seeking to enter the Australian market. Whilst we may see a rise in investment it will be some time before we see a rise in resource output unless demand from China grows the mining industry back to the height of 2012.
The Kangaroos' recent win against New Zealand in the Rugby League World Cup and the recent win in the first Test of the Ashes will reconfirm Australia's reputation as a sporting nation. A strong international and domestic reputation is a key driving force behind Australia's impressive rank. With the current positive trajectory, Australia may rank even higher in years to come.
Commenting on the Nation Brand 2013 Study Richard Haigh, Brand Valuation Director, said: "Brand Australia is continuing to perform excellently in the aftermath of the GFC.
"Fuelled by both investment in mining from China and by its position as an aspirational travel destination for tourists worldwide, the momentum generated in Australia's Brand Value growth looks set to continue to propel it to greater success in the future."