The Chief Economist’s Office at the Department of Industry, Innovation and Science, has released the Australian Innovation System Report (Report). The Report explores innovation through the lens of entrepreneurship, highlighting the benefits of business innovation to the Australian economy, and includes:
- data from the Australian Bureau of Statistics;
- case studies of innovative companies;
- feature articles by innovative academics and contains comparisons across the OECD countries;
- a number of new findings related to the role intellectual property (IP) plays in the innovation system, including that investment in IP increases business growth.
The Report shows that innovation-active businesses perform better than comparatively inactive businesses on a range of measures. Innovation-active businesses in Australia make up 45 per cent of all employing businesses, but contribute to over 60 per cent of sales and employment. Compared to inactive businesses, they are 40 per cent more likely to increase income and profitability, twice as likely to export, and two-to-three times more likely to report increased productivity, employment and training.