Encouraging innovation a priority: CEDA survey of business community

The Committee for Economic Development of Australia’s Big Issues 2015 survey has seen tax reform and incentives for innovation rate highly as concerns for business.

The respondents identified a need to return to a balanced federal budget as important. Tax reform (tackling tax evasion was the number one aim in responses) was necessary. The top areas for cutting spending were in defence and welfare, and the top-ranked means for increasing revenues identified as the GST.

Incentives for innovation were also a key concern among respondents, being ranked top in three response areas: as a policy priority for the federal government in 2016, for improving international competitiveness, and in responding to the current low economic growth.

“These results show that the business community recognises that with a slowing economy, innovation is vital to ensure we can continue to compete globally,” explained Professor Stephen Martin, chief executive of CEDA, in a statement.

“Australia has fallen behind other advanced economies in driving a culture of innovation, which will be necessary if our economy is to successfully transition away from mining and resources.

“The Federal Government is due to release an innovation agenda this month which is a step in the right direction but it must be followed up with action.”

The Issues research – the results of which can be seen here – involved over 1,000 participants surveyed over a two-week period in mid-November.

Leave a Reply