MICHAEL BRISSENDEN: A survey out today shows Australia is the world's 10th most socially advanced nation. But while Australia scores well on personal rights - such as freedom of speech, freedom of movement and political rights - it's falling well behind in housing affordability and adult literacy rates.

With more I'm joined by our business editor Peter Ryan. Peter, if Australia is coming in 10th, who are we behind?

PETER RYAN: Well Michael, these rankings come from the Social Progress Index, which is published by the US not-for-profit group Social Progress Imperative.

Now out of 20 nations Norway comes out on top, followed by Sweden, Switzerland, Iceland, New Zealand and Canada. Australia is slap bang in the middle, but ahead of Britain, Germany, Japan, the United States in terms of social progress.

Now this survey is a bit different because it doesn't use GDP or economic growth as the sole factor in measuring a nation's wealth. While Australia does score well on personal rights and health and wellness, it highlights the growing problem of housing affordability which is acute in Sydney where talk of a bubble persists.

Lynne Pezzullo, lead partner of health economics and social policy at the accounting firm Deloitte, says worries about housing and basic shelter have potential psychological impacts that could ultimately lead to suicide.

LYNEE PEZZULLO: Access to affordable housing is a key issue and Australia is not doing particularly well in that area, even though we have very low interest rates at the moment. But importantly it's our housing pricing and our access into the housing market, both in terms of rent and also in terms of purchase, which are driving the poor performance we have in that area.

PETER RYAN: How does that issue of decreasing housing affordability weigh down on health and welfare issues for average Australians?

LYNEE PEZZULLO: Assuming there's a link between housing affordability and homelessness and then through to domestic violence and suicide rates, also although other mechanisms in linkages between housing affordability, homelessness and suicide. And Australia performs particularly poorly relative to other countries in relation to our high suicide rates.

PETER RYAN: Australia's done very well in this survey and Australians' lifestyles have benefited from the resources boom, but how could things change in terms of living standards if that iron ore price starts to fall further?

LYNEE PEZZULLO: Australia has had a really good free kick in the last three decades from particular factors which have been very gracious to us, first of all the advantages that we've gained from the micro reforms of the 1980s and 1990s, then the numbers of baby boomers who are participating in the workforce, giving us a free kick on productivity there. And most recently of course 10 years of commodity price rises and strong commodity prices which have provided us strong terms of trade.

But this coming decade and at the moment we have unfortunately the reverse of that, we've got the baby boomers exiting the population and therefore reducing participation rates, we haven't had major investments in infrastructure or micro-reforms to benefit from. And of course, you know, we've got the iron ore price in particular falling and the coal price falling, other commodity prices falling, which is meaning that we have got particularly issues across the Australian economy - particularly in the Western Australian and Queensland economy.

So yes, it's going to be more difficult to maintain in the future than in the past.

MICHAEL BRISSENDEN: Lynne Pezzullo, the lead partner of health economics and social policy at Deloitte.

And Peter, the latest economic news from China is adding to broader concerns about the strength of Australia's economy, isn't it?

PETER RYAN: That's right, that's because China is a critical trading partner and the news isn't good. China's exports contracted by 15 per cent in March - much worse than expected.

That's added to deepening concerns about sputtering Chinese economic growth and puts new question marks around whether China will achieve its target of 7 per cent growth this year.

MICHAEL BRISSENDEN: Business editor Peter Ryan there.