Since market deregulation in the 1980s, the 'Lucky Country' has established itself as a wealthy service-oriented economy.

Australia's expansion has created labour shortages and led to increased immigration levels, with one in four of the population born overseas.

However, rising prosperity has not included much of Australia's indigenous population, and the nation faces long-term environmental challenges ahead.

Natural assets such as the Great Barrier Reef are at risk of severe deterioration, and in 2008 the country faced its worst drought in recorded history.

Australia ranks higher in terms of investing productively via good governance, commercialising new ideas via better education and building social support through community life. India scores low in all these factors.

Image: A boy wears a mask with the Australian flag to celebrate Australian Day in Sydney, January 26, 2008. | Photograph: Anoek De Groot/AFP/Getty Images

Also read: Global Hunger Index: India ranks a poor 66th

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