Australia’s Economic Growth Depends Upon Our Capability for Innovation

By Leslie Zeder

The productivity gains achieved through innovation within Australian business sectors are the key drivers behind our country’s long-term economic growth, and according to the Australian Productivity Commission, these economic stimulus are more important now, than ever before as the country moves on from the mining hey-days.

Recommendations For Boosting Australian Productivity

In 2014, The Australian Council Of Learned Academies (ACOLA) released report findings discussing how science, technology and research can improve productivity across the country.

3 Major Findings

1. If Australian industries are to prosper into the future and remain competitive within this globalised world then technological change & innovation must be embraced across industry sectors and integrated by businesses in order to produce in-demand, high-value products and services.

2. Innovation would be dramatically boosted if collaboration between businesses, and collaboration between businesses and publicly-funded research initiatives was bolstered.

3. It is critical the Australian workforce adopts practical and effective business management techniques, and merges non-technical and technical disciplines to build-up and retain the competitive advantage of various Australian business sectors into the future.

“The report finds that people and skills are key to innovation, but importantly, successful innovation is driven not only by a mixture of technical and scientific skills, but also by business and entrepreneurial skills and by a culture that is conducive to innovation,” relayed Professor Deborah Terry, President of ACOLA.

The Global innovation Index Ranking Results

  • Bloomberg ranks Australia as the 13th most innovative country in the world.

  • South Korea meanwhile takes the win, followed by Japan, then Germany.

  • The United States (US) takes out 6th place.

  • The United Kingdom follows the US in spot number 7.

  • New Zealand ranks #18.

  • China took out 22nd place.

  • Morocco trails far behind in 50th position. 

The rankings are compiled using data and information from the International Monetary Fund, the World Bank, the US Patent & Trademark Office, the World Intellectual Property Organization, UNESCO and the OECD.