Innovate…Or Lower Standard Of Living.

Australia’s long awaited Innovative Manufacturing CRC is about to open for business. This is good news for a nation which languishes at the bottom of the world’s developed nations when it comes to dreaming up new ideas and commercialising them. For example, of the 30 OECD nations…Australia is ranked 29th when it comes to collaboration by industry with research and development/product development centres…and we sit a lowly 81st place on the Global Innovation Index for innovation efficiency.

The Senate references committee inquiry on Australia’s Innovation System has shown that only 30% of Australia’s researchers work in the private sector compared to the OECD average of 60% and the USA at 80%. This committee also announced that the mining boom is no longer delivering revenue windfall revenues if we do not increase industrial productivity we face a lower standard of living.

 

Source: Manufacturers Monthly