By Daniel Hunter

According to the 'Better Life Index' compiled by the Organisation for Economic Cooperation and Development (OECD) Australia is the world's happiest nation among developed economies for the third year running.

Australia won the top position, due to the overall strength of its economy, with Sweden, Canada, Norway and Switzerland also making it into the top five.

The survey ranked more than 30 countries on criteria such as income levels, health, safety and housing.

"Australia performs exceptionally well in measures of well-being, as shown by the fact that it ranks among the top countries in a large number of topics in the Better Life Index," the OECD said on its website.

The World's Happiest Countries

1. Australia
2. Sweden
3. Canada
4. Norway
5. Switzerland
6. United States
7. Denmark
8. The Netherlands
9. Iceland
10. United Kingdom

More than 73% of Australia's 23 million people aged 15 to 64 hold a paid job, which is above the OECD average. Life expectancy at birth is also higher, at almost 82 years.

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