Innovation policy linked to a nation’s performance

27 Nov 2015 Media release

There is clear link between well-developed national innovation policy and the economic performance of a country, according to a new report released by the Australian Council of Learned Academies (ACOLA).

The report, Translating research for economic and social benefit: country comparisons, which was launched by Australia’s Chief Scientist Professor Ian Chubb at Parliament House today, compares the innovation systems of 14 nations.

Minister for Industry, Innovation and Science Christopher Pyne welcomed the feedback from the report, which stated Australia was missing out on opportunities to convert research into economic benefits.

“We have emphasised that innovation is at the heart of a nation’s economic performance, and this is demonstrated in this report,” Mr Pyne said.

“If we’re going to excel in the area of innovation, we cannot back away from criticism. In this report we are being compared to high-performing innovative nations, and it is important we learn from their strategies.”

The report compares the performance of Finland, Denmark, Sweden, Germany, the United Kingdom, Israel, the United States, Canada, South Korea, Japan, Singapore, China, Brazil and Chile.

It has been released ahead of the launch of Australia’s National Innovation and Science Agenda by the Prime Minister, Malcolm Turnbull, and Minister Pyne in December.

“We have been working hard on our national innovation policy and between now and the agenda’s release we will continue to tweak and build on what we have created,” Mr Pyne said.

“The Prime Minister and I have said that innovation, science and entrepreneurship are crucial to establishing the jobs of the future and promoting employment growth to secure the country’s future economic prosperity.

“As Professor Chubb has said, this is a timely reminder that success owes more to choice than chance – and we’re choosing to make Australia an innovative nation.”