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Why $30b in business innovation support is not working

Tom Burton
Tom BurtonGovernment editor

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Most Australian businesses are incapable of innovation, and an estimated $30 billion in federal support should refocus on finding entrepreneurs hungry to grow internationally, a new report has found.

Industry Innovation and Science Australia (IISA) found that Australia has a low competitive advantage – and high import competition – in most of the government’s new priority areas, such as renewables, defence technology, transport and medical science.

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Tom Burton has held senior editorial and publishing roles with The Mandarin, The Sydney Morning Herald and as Canberra bureau chief for The Australian Financial Review. He has won three Walkley awards. Connect with Tom on Twitter. Email Tom at tom.burton@afr.com

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    Original URL: https://www.afr.com/politics/federal/why-30b-in-business-innovation-support-is-not-working-20231221-p5esx3