Original Report: www.abc.net.au(full story)
- Australia has surpassed Russia, becoming Asia’s fifth-most powerful country.
- The Lowy Institute’s 2024 Asia Power Index assesses 27 nations through various indicators of influence.
- Russia’s decline, particularly due to its preoccupation with the Ukraine invasion, has allowed Australia to improve its positioning.
Australia has solidified its status as Asia’s fifth-most powerful country in 2024, according to the latest report from the Lowy Institute. This year’s assessment highlights Australia’s steady grip on its power, primarily due to Russia’s diminishing authority in recent years.
This year’s Asia Power Index evaluates 27 countries based on an extensive analysis involving 131 indicators across eight key capabilities. While Australia’s overall power surged by a point, this shift is largely attributed to Russia’s escalating geopolitical distractions.
Notable Developments:
Economic Capacity
Australia’s economic rank improved, attributed to its $1.7 trillion economy, global connectivity, and legal frameworks. However, economic growth is challenged by inflation, interest rates, and a softer labor market. Despite an increase in job creation, the nation faces the most prolonged economic downturn since the pandemic.
Military Strength
The country has bolstered its defense capabilities, reflected in increased defense budgets projected to reach $764.6 billion over the next decade. The government’s National Defence Strategy has re-prioritized funding towards long-range missile capacity and enhanced naval strengths, including AUKUS submarines.
Resilience
Australia’s resilience score declined, particularly in resource security and internal stability, hindered by energy trade balances and global challenges, including climate change and domestic unrest. Additionally, Australia exhibits the least resilience against climate threats compared to nine other Asian nations.
Economic Relations
The nation’s economic ties surged, particularly with China, which is crucial to its export dynamics. With most tariffs lifted post-diplomatic tensions, Australia has regained substantial market access.
Defence Networks
Australia remains highly regarded in defense collaboration, ranking second within Asia for its diplomatic and defense partnerships, particularly through the $368 billion AUKUS agreement.
Cultural Influence
The nation achieved significant gains in cultural impact, aided by its educational institutions and media presence. This suggests that Australia has a robust ability to shape international public perception.
Despite challenges, the report underscores Australia’s continued influence in Asia, likening its capabilities to those of other key middle powers like Singapore and South Korea. Overall, while Australia’s climb is influenced by shifts in the geopolitical landscape, it maintains a stronghold as a regional leader.
