Australia Losing Pace in the Race of Digital Innovation

Australia’s position in the global race of digital innovation is dwindling, despite its strong economic status and skilled workforce. The nation needs to take rapid strides to address the gap and reposition itself as a leading player in the digital innovation space.

The Reality of Australia’s Digital Innovation Landscape

Australia, once known for its digital innovation, has been slipping in its ranking. As per the recent Global Innovation Index, it ranks 23rd, which is a cause for concern. Notably, the country’s performance in knowledge and technology outputs slipped to 31st place globally.

The Need for a Shift in Focus

Experts suggest that the country needs a significant shift in focus to improve its standing. It needs to foster an environment that encourages digital innovation, and this involves a significant investment in research and development (R&D). The government, industry, and academia have to work together to create this conducive environment.

Bridging the Gap in Research and Development

The country’s investment in R&D has been below the OECD average. Increased funding in this area will help develop new technologies and improve Australia’s digital innovation standing globally. The government’s role in providing financial support and policy framework to facilitate R&D is crucial.

The time is ripe for Australia to address this challenge and reassert its position in the digital innovation landscape. With strategic investment in R&D, the nation can leapfrog to a higher position in the global innovation index, boosting its economy and creating a more prosperous future.