Australia Leads in Innovation

Australia’s reputation as a ‘clever country’ has been confirmed with the release of an innovation survey which shows Australia has recorded a higher involvement in business innovation than almost all EU countries including the United Kingdom.

According to the ABS Innovation in Australian Business 2003 survey, more than one-third of all Australian businesses engaged in innovation over the three years to 2003, spending $20 billion on innovation activity.

The main findings from the survey are:
• Australia ranks 7th against European countries for the proportion of businesses innovating – ahead of countries including the United Kingdom, France, Italy and Sweden;
• 35% of Australian businesses were engaged in innovation activities during the three years ending December 2003;
• 61% of businesses employing 100 people or more were innovating businesses;
• On a sectoral level, the industries with the most innovative businesses are communication services, electricity, gas and water supply and manufacturing;
• Australian businesses spent around $20 billion in 2002-03 on innovation activities. Of this, around $7 billion was spent on research and development (R&D) and $13 billion on non-R&D innovation.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David
mailto:david.taylor@agarcarlyon.com