The Australian Industry Group (Ai Group) has welcomed the New Thinking, New Directions Report by the National Innovation Review Steering Group (the Steering Group).
The Steering Group, set up by Ai Group earlier this year, comprised representatives from industry, government and academia.
The Steering Group had the role of driving a business-led conversation about building innovation capability in Australia.
The Steering Group's findings, outlined in the report, identify innovation opportunities across seven key areas and detail how this will benefit the economy over the longer term.
The report combines the results of a three-week online collaboration event, workshops in the major capital cities and an industry innovation survey.
Ai Group Chief Executive, Heather Ridout, said: "This report adds to the good work already occurring in the innovation space and again highlights the urgent need for governments and industry to support Australian innovation.
"Industry remains the driving force for innovation in Australia. Greater government commitment is necessary in the important policy area of encouraging innovation and business capability development.
“We strongly support the need for an effective R&D tax incentive. In part, any incentive needs to support areas of experimental development – they are the cornerstone of business research and development and continuing improvements in products, services and production processes."
The full report can be downloaded at: http://www.aigroup.com.au/policy/reports