Murray inquiry could look at encouraging local innovation: Sinodinis

Federal assistant treasurer Arthur Sinodinis has said that the federal government would like to see more locally-made, innovative, global success stories, citing Cochlear and Resmed.

Speaking to The Australian, Sinodinis said that the inquiry into financial systems, led by former Commonwealth Bank boss David Murray, could look at encouraging the commercialising of Australian innovation.

"If I had one message for Australian industry across the board, (it would be): 'We want more Cochlears, we want more CSLs, we want more Resmeds'," he told the Australian.

"In other words, that blending of commercial expertise, innovation backed up by strong research.”

He said that identifying a market niche and commercialising around this in Australia was of particular interest to the government.

"We have to build on our strengths in areas where we can create a market niche through innovation and the use of knowledge because that is how you create a sustainable competitive advantage — not something that will be eroded by others coming in and being able to do things at a lower cost. “

The Murray inquiry was announced last week. And, according to a joint statement by the treasurer’s and Prime Minister’s offices, would be a "root and branch examination of the nation's financial system".


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