Australia as an Innovation Nation The Australian Economy and the Government s National Science and Innovation Agenda Damien Miller Australian Ambassador to Denmark, Norway and Iceland
The Australian Economy Source: Chief Economist, Department of Industry, Innovation and Science, Innovation in the Australian economy recognising our strengths
The Australian Economy Australia has the world s 12 th largest economy (US$1.2 trillion GDP) and has entered its 25th consecutive year of annual economic growth The Australian economy continues to demonstrate resilience in the face of strong global headwinds Australia has the world s 7 th largest pool of investment funds under management (US$1.588 trillion) The Australian dollar is the 5th most traded currency Source: Chief Economist, Department of Industry, Innovation and Science, Innovation in the Australian economy recognising our strengths
Australia: A top 20 country Australia is ranked number: 1 on the Global Creativity Index 3 on the Global Dynamism Index 3 on entrepreneurship behind the United States and Canada 3 on business environment 4 for economic freedom 13 on ease of doing business 17 on the global innovation index Source: Martin Prosperity
Australian Universities and Research Institutions Six Australian universities rank in the global top 100 in the 2016 edition of the Academic Rankings of World Universities. Australia has 16 universities ranked in the top 100 under 50 in the latest Times Higher Education ranking results (2015).
Australia s Record on Innovation is Solid Australia has produced 15 Nobel prize laureates. Every day over 1 billion people around the world use Australian discoveries to make their lives better (penicillin, IVF, ultrasound, Wi-Fi, the Bionic Ear, cervical cancer vaccine and Black Box Flight Recorders). Australian business expenditure on R&D is rising rapidly Gross domestic expenditure on R&D is one of the fastest growing in the world (7% per year in real terms. 3 x OECD average of 2.6%).
Our greatest assets aren't the rocks under the ground but the minds above it Prime Minister Malcolm Turnbull The government is establishing a $500 million Biomedical Translation Fund and a $200 million CSIRO Innovation Fund each based on a 50/50 contribution from the public and private sectors Minister for Industry, Innovation and Science Greg Hunt
The four key pillars of the National Science and Innovation Agenda NISA is built around four principles: building the science culture and capital, strengthening collaboration, encouraging science and innovation talent and Government leading as an exemplar. Minister for Industry, Innovation and Science Greg Hunt
Industry Growth Centres (or clusters) Initiative Key initiative to lift competitiveness and productivity, and support innovation by focusing on our areas of competitive strength. Centres (or clusters) are being established in six growth areas: Advanced Manufacturing Cyber Security Food and Agribusiness Medical Technologies and Pharmaceuticals Mining Equipment, Technology and Services Oil, Gas and Energy Resources
Overview of Australia s Oil and Gas Resources Australia s Gas Resources In oil and gas production, Australia s ongoing development of our substantial reserves is strengthening our position as a leading global player in the sector. Oil and gas exports earned A$23.2 billion in 2015. Oil is the largest primary energy source in Australia, at 38 per cent in 2013-14. Gas is Australia s third largest energy resource after oil and coal, accounting for 24 per cent. By the end of the decade, Australia should be home to ten operational LNG projects with a combined nameplate capacity of 86 million tonnes per annum. Source: Department of Industry and Science, Office of the Chief Economist, Energy in Australia, 2015, January 2016
Oil and Gas Resources Australia s Oil Resources Australia s vast mineral and petroleum resources underpin its status as a global leader in the resources and energy sector. Australia offers: significant oil and gas reserves a large pipeline of LNG projects proximity to the rapidly growing Asian energy markets a government committed to developing the oil and gas sector by reducing red tape and streamlining environmental approvals a supportive environment for exploration with access to comprehensive geoscience data opportunities to enter the global supply chains of multinational oil and gas companies access to world-leading research and development and innovative oil and gas technologies Source: Department of Industry and Science, Office of the Chief Economist, Energy in Australia, 2015, January 2016
Australia s Links to Asia The Australian economy has become increasingly linked with Asian economies in the past 20 years. The rise of the Asian middle-class this century will bring challenges, but it also brings near boundless opportunities particularly in areas that are compatible with several of Australia s leading strengths. Source: Chief Economist, Department of Industry, Innovation and Science, Innovation in the Australian economy recognising our strengths
Australia s Free Trade Agreements Australia has ten FTAs currently in force with: New Zealand Singapore Thailand US Chile Association of South East Asian Nations (ASEAN) Malaysia Republic of Korea Japan China The countries covered by these FTAs account for 67 per cent of Australia's total trade.
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