Innovating for growth

Enhancing future productive capacity

Innovation is a key determinant of productivity, economic growth, and higher living standards over the long run. The Government aims to foster a culture of innovation in business, government and education to create sustainable, high skill jobs that deliver economic growth and prosperity.

Positioning Australia to take advantage of the recovery

Innovation is critical to Australia's ability to confront both current and emerging economic, social and environmental challenges. By supporting innovation, the Government will prepare Australia for sustainable economic growth beyond the global financial crisis.

Supporting innovation in critical areas

The Government will inject an additional $2.4 billion to support the core components of our innovation system:

• the research of our universities and public research agencies
• product and process innovations by business
• collaboration between private and public sector researchers.

This comprises both one‑off capital infrastructure and ongoing expenditure.