Australia is in a $1.6 trillion global innovation race, where the prize at stake is a bigger share of global wealth, better jobs, and the best access to the products of innovation, such as new health treatments.
Australia has entered the race from a good position due to our strong economy and established research strengths, but we lag behind our competitor nations in the amount we invest in innovation, and in the level of our ambition. We need to accelerate our pace now to catch the leaders of the innovation pack, or risk falling further behind.
Recognising Australia’s innovation imperative, the Australian Government launched the National Innovation and Science Agenda (NISA) in 2015. It provided an immediate boost to Australia’s innovation capabilities, and created a long-term, strategic investment framework by establishing Innovation and Science Australia (ISA) with an independent and expert board. ISA was tasked with undertaking a performance review of Australia’s innovation system, and developing a strategic plan to 2030 advising policy makers on how to optimise investment in Australian innovation.
ISA’s 2030 Plan is made up of three sections:
• Section A explains the vision, need and opportunity for Australia to improve its innovation and science performance by 2030.
• Section B identifies five imperatives for action where governments can catalyse more investment and activity; strategic opportunities and actionable recommendations are discussed for each imperative.
• Section C proposes a roadmap for action to implement, and measure progress against the 2030 Plan, and includes a complete list of the recommendations.