According to a new report by the Department of Industry, Innovation and Science, increasing industry-driven R&D, well-designed regulation and effective enabling services are key to diversifying and growing Australia’s economy.
The report concentrates on Australia’s economic transition from the former mining boom towards production. The report also notes the economic challenges of a slowing growth, continued concern over productivity and, the impacts of the global market, demographic and technological forces on Australia’s competitiveness.
According to the report, Australia’s future economic prosperity will require an environment supporting of resilience and adaptiveness and which facilitates innovation and entrepreneurship.
Specifically, the report examines:
– The role and importance of enabling services
– How regulatory settings impact on firm performance
– The role of research and development (R&D) in securing long-run economic growth.
For more information see the media release of The Hon. Christopher Pyne MP.
To download the report visit the Office of the Chief Economist.