The Australian Federal Government released its annual Australian Innovation System report today, reaffirming what those of us working in RSP roles are strong advocates of: Australia needs to innovate if it is to maintain and improve living standards in an increasingly competitive global economy.
The foreword of the report highlights “both the resources boom, fuelled by the rise of Asia, and our economic strength are driving structural change in the Australian economy. The terms of trade, the appreciation of the Australian dollar, and high capital investment in the resources sector have all driven a growth in incomes, but have also created pressure on parts of the economy, especially manufacturing.
With the terms of trade likely to ease over the coming years, we need to boost productivity to ensure that real income growth is maintained. Innovation is fundamentally linked to productivity and competitiveness. Evidence of the link between innovation, productivity and global competitiveness is strong.
Innovation helps create new business opportunities, growth and skilled jobs for the future. The Asian Century offers tremendous opportunities for innovative Australian businesses. The incredible growth in our region and the rise of more middle-class consumers in Asia will mean greater demand for what Australia has to offer – not only in the resources sector but also in areas like energy, water, agriculture, business and financial services, education, tourism, health and high technology manufacturing.”
The full report can be viewed here. Check out pages 73-76 and have a read of an article on improving industry and university engagement written by ARI’s Managing Director, Rob Chalmers. If you’d like to learn more, contact Rob directly, or follow him on Twitter.