Eco Innovator March 2012

Government Policy

Australia a Global Innovator

A report by independent economics firm, the Milken Institute, rates Australia as leading in five, and above average in two, of the seven innovation indicators used to examine the efforts of 22 countries.

Commissioned by GE, the Milken Institute Innovation Report says Australia is a leader in facilitating collaboration.

"These results are broadly consistent with the findings of the Australian Innovation System Report, 2011, (AIS) which is an annual report on the performance of the national innovation system," said acting minister for Innovation and Industry, Senator Chris Evans.

The acting minister said that while broadly consistent with the AIS report, the levels of university-industry interaction and of venture capital deals are still well below the Gillard Government's expectations. To help stimulate improved links between university research and business innovation, the Government announced a new $249 million Industrial Transformation Research program last December.

"The Gillard Government recognizes the importance of innovation to productivity and the development of a balanced and diversified economy," said Senator Evans.

"That is why the Government's new R&D Tax Incentive is also encouraging companies to undertake genuine research and development by doubling assistance rates for small and medium enterprises and increasing assistance rates for large firms by a third.

"8,400 companies are registered to participate in this major innovation program."

The government has a clear innovation agenda, he said.





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