Australian liability rates are the lowest in the world, a Marsh survey reveals.

The broker's 2007 Limits of Liability report found the average price per $US1 million ($1.1 million) of cover in Australia is $US1426 ($1594), compared with a global average of $US11,275 ($12,606).

The average limit in Australia was $US28 million ($31.3 million), compared with the worldwide $US47 million ($52.6 million).

Marsh surveyed more than 7000 firms across 58 countries about their corporate buying decisions in the 12 months to March 31 last year.