It is now widely recognised that the driver of economic growth, job creation and living standards in the years to come will be innovation. It will drive national competitiveness and real wages, and underpin the provisions of sustainable and improved government services.
To this end, Australia needs to mobilise the system that underpins innovation, including five priorities identified by the Business Council:
• Creating an environment and culture that incentivises innovation and enables risk taking
• Human capital and skills, including educating and training our citizens to think creatively, to problem solve and to apply their skills productively
• Knowledge infrastructure, including providing support for institutions and organisations which create and renew knowledge, and ensuring that knowledge is disseminated so that it can be leveraged, translated and practically applied
• Regulation, including assessing current regulation on whether it discourages investment in innovation, or undermines the ability of firms and individuals to take risks or adapt to changing market circumstances.
Read our February 2016 innovation paper, 'The Incentive to Innovate'.
The BCA Secretariat contact for innovation policy issues is Christy Forest, Special Adviser