Arthur Sinodinos (NSW, Liberal Party, Minister for Industry, Innovation and Science) Share this | Hansard source

Thank you. For those who do not know, Innovation and Science Australia, which looks at innovation and science across the whole of government, recently released its Performance review of the Australian science and research system. The review examined how well we create knowledge, how well we transfer that knowledge and how well our businesses apply that knowledge in developing new goods and services. It found we have the fourth-highest proportion of innovative small- and medium-sized enterprises in the OECD, with 58 per cent introducing new products and process innovations. It found that as a nation we are good at coming up with good ideas but we need to work on turning those ideas into a reality. Our diverse backgrounds, strong risk appetite and major investment in research support an environment ripe for a transitioning economy.

The review found that we had world-class researchers and great research-to-research collaboration, but we need to build stronger links between our research and business communities. This review allows us to measure our improvement and to identify our weaknesses. It provides data to help us plan for a more prosperous future. (Time expired)