The ‘elixir of economic growth’, whilst sounding like a surreptitious tincture crafted by an alchemist, is actually often believed by economists to be pertaining to research and development (R&D). Hence, as we mentioned in our previous post, it came as a surprise to many that the R&D Tax Incentive was not mentioned in the Innovation Statement released on Monday. However, what was declared was the inception of a new independent body, Innovation Science Australia (ISA), which will take effect in July […]
In the interest of echoing the mining boom with a more perpetual “ideas boom”, the government released its flagship Innovation Statement on Monday this week. The Innovation Statement revolves around four chief areas: culture and capital, collaboration and skills, incentivising risk and government as an exemplar. In particular, key elements of the agenda comprise of a 20 per cent rebate for investments in start-ups and a easing of insolvency laws to spur risk-taking by company directors. However, contrary to the expectations of many […]
From mining booms, population booms and housing booms – Australia’s history has been littered with ‘bangs’ of productivity. Now, according to the Turnbull government, we are engaged in an ‘ideas boom’ – where all that confines us is our imagination. Certainly, the creation of ideas, or innovation as it is otherwise known, goes hand in hand with research and development (R&D). Hence, in light of the Innovation Statement released yesterday (which we have overviewed here), many have been curious about […]
“Innovation” – the term has essentially become shorthand for all that encompasses future business in Australia since Turnbull’s rise to Prime Minister in September. From doubling investments in research and development (R&D) for clean energy to making coding compulsory in schools, Turnbull has vowed to put innovation at the heart of his Government’s agenda. Today, the first major economic statement towards making this goal a reality was released. The Innovation Statement, pitched as a blueprint for transforming the Australian economy, […]