Australia's continued prosperity in the global market cannot be taken for granted, Foreign Minister Julie Bishop says.
Ms Bishop said Australia must strive to be as competitive and attract as possible to foreign and local investors.
"The competition for capacity, access to markets and even labour will be increasingly intense," she said during a Lowy Institute speech in Sydney on Monday.
Ms Bishop said Australia could not hope to compete on labour costs, and trying to do so would lock the country into an unwise race to the bottom.
Australia must instead play to its natural strengths and harness the intellect, creativity and innovation of its workers, and shape agreements and treaties to the country's biggest advantage, she said.
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