An innovative economy
Australia is a world-class innovation destination, with solid foundations of modern ICT infrastructure, high levels of investment, generous R&D tax incentives for businesses and strong intellectual property protection.
As an innovative economy, Australia supports:
- high-quality research outcomes
- rapid growth in business expenditure on R&D
- expenditure on R&D similar to that of other leading innovative countries, such as the USA, Japan and France
- growth in gross expenditure on R&D at twice the OECD average
- some of the world’s best academic and research institutions.
Australia is a leader in the development of new technologies like the bionic eye. Billions of people around the world rely on Australian discoveries, such as Google Maps, high-speed WiFi, spray-on skin for burns victims, cervical cancer vaccine, ultrasound, cochlear implants and civilian use of penicillin.
Australian innovation video
Charts from the Benchmark Report
The Australia Benchmark Report provides rich data demonstrating why there is no better place than Australia to do business. The report examines five key reasons for investing in Australia – Growth, Innovation, Talent, Location and Business – and compares Australia's credentials with other countries.
Charts can be downloaded and saved as images for use in reports and presentations (please reference www.austrade.gov.au).