This transcript is for the video Top three points for Australian journalists?
Ben Mitra-Kahn, Chief Economist, IP Australia
The first thing to take away is that we are innovation leader. There are real strengths in infrastructure, R&D and in the people here. And going from there to great outcomes is tricker, but it can be done and is being done. I think we all knew that, but it is still an important message to bring home.
The second one, the second one is that Australia is number one for openness and competitiveness and that’s good news. Translating that into good market outcomes and better conditions is key. But it’s worth reflecting on when we think about how the economy is doing and where we are.
And the third one is probably around education and human capital. Now we are a very open economy, but we are open to bright people and we are encouraging the bright people here, you see that we have top marks in tertiary education and inbound education but also in school age and in investing in Australians and that’s really crucial as move into the knowledge economy.
There’s perhaps a footnote to make, which is that this isn’t just government investing in ideas, if you look at ABS data you’ll find that for every 10 dollars invested by firms, one dollar is invested in intellectual property and that’s a number that’s growing. So private industry, government, we are all realising the value in investing in ideas and the value of investing in people skills, and that’s what’s going to drive economic growth going forward.