Australia releases its 2030 strategy for innovation
Australia’s economy has been thriving on the mining boom for two decades, providing the country with development and prosperity. The wealth from mining delayed industrial development in the country, as well as the turn to a knowledge economy, based upon science and technology. The rarefaction of resources, as well as the decline of China’s demand on mining products has challenged Australia’s economy lately. Despite a high annual GDP growth rate, the authorities foresee that the future of Australian prosperity may lie beyond mining, in owning intellectual property.
As a response, Australia’s government mandated the Innovation and Science Australia (ISA) to construct its innovation strategy for 2030. The innovation strategy addresses innovation comprehensively through education, industry, policy, research and development as well as culture and ambition.
For education, the policy aims to develop the STEM fields (science, technology, engineering and mathematics) to meet the increasing market demand for these skills.
As far as industry is concerned, Australia aims to develop into the fourth industrial revolution, which entails to merging digital domains, such as the internet, blockchain or artificial intelligence, with physical and biological chains.
The Government is encouraged to design policies to support the innovation within SMEs, by providing them with subsidies and tax incentives. As far as research and development are concerned, the strategy recommends lowering the barriers between innovation and commercialisation by increasing collaboration between the various stakeholders. Lastly, missions of national interest such as “Genomics and Precision Medicine National Mission” have been designed and will be implemented to foster innovation culture in the nation.
Aware of the importance of shifting from a mining-based economy, Innovation and Science Australia Chair Bill Ferris states: “This is more than a canary chirp in our economic mineshaft: it is a clarion call for national action”.