Outgoing MYOB chief executive officer Tim Reed has backed Treasurer Josh Frydenberg's call for Australian companies to be more adventurous in investing in innovation plans, but said there were no plans in place for him to take over as president of the Business Council of Australia later this year.

Speaking to The Australian Financial Review following his decision to step down as CEO of the accounting software firm after an eventful 12-year tenure, Mr Reed said he believed Australian investment in new products and ideas was not as low as official research and development figures suggested, but called on CEOs and boards to take a longer-term view on strategic planning.