GOVERNMENT ANNOUNCES REVIEW OF NATIONAL INNOVATION SYSTEM
Source: Australia. Minister for Innovation, Industry, Science and Research. Media Release
"The Minister for Innovation, Industry, Science and Research, Senator Kim Carr, announced a wide ranging review of Australia's national innovation system to be conducted by an expert panel chaired by Dr Terry Cutler.
The establishment of the review recognises the vital role innovation plays in boosting productivity and international competitiveness, and re-iterates the Rudd Government's commitment to fostering innovation across the economy."

AUSTRALIA TO GET INNOVATIVE AGAIN ON DRIVING INNOVATION
Source: Australia. Minister for Innovation, Industry, Science and Research. Media Release
"In recent years Australia has fallen behind on innovation. Australian government support for science and innovation as a percentage of gross domestic product dropped from 0.75% in 1993-94 to 0.59% in 2006-07. Many experts believe this failure to invest in innovation contributed to the dramatic slowdown in productivity growth under the Howard government.
The new Federal Government will encourage innovation and raise productivity. Boosting productivity growth is vital if we are to keep inflation in check and put downward pressure on interest rates. The review will work with stakeholders in all parts of the economy to identify gaps and weaknesses, and to make proposals to tackle them sensibly and effectively. "