A new report published by British firm OpenSignal shows Australia has the fastest mobile internet in the world, with an average download speed on 4G networks of 24.5 megabits-per-second (mbps), local media reported on Friday.

Italy ranked second, with the average download speed on mobile internet of 22.2 mbps.

The new data, compiled in the second half of 2013, showed Australia's overall average speed increased by 42 percent over the same period in 2012.

Australia has upgraded from slower 3G to 4G networks over the last three years to meet a growing demand for mobile data.

According to OpenSignal, 4G technology offers speed more than five times faster than 3G.