Towards 3% R&D – now NSW puts industry and innovation at the centre of government

The New South Wales Premier Chris Minns has announced that industry, innovation, trade and investment functions will return to the centre of government through the transfer of Investment NSW to the Premier’s Department.

This front door of government will make it easier for industry, investors, and entrepreneurs to participate in major government priorities and ensure seamless co-ordination across government, according to Minns.

The co-ordination of national innovation and industry policies – currently the responsibility of 14 federal ministers – was raised in the launch of @AuManufacturing’s new editorial series Towards 3% R&D – turbocharging our national innovation effort which begins shortly by innovation policy expert Dr John Howard. Canberra has a target of 3% R&D in the economy, but Australia’s R&D effort is at 1.68% of GDP and falling.

@AuManufacturing will begin publishing contributions for our series – Towards 3% R&D – turbocharging our national innovation effort – shortly and we urge you to contribute. Call Peter Roberts, 0419 140679 or write to [email protected].

Dr Howard argued: “Frequent machinery of government changes and reallocation of ministerial responsibilities have introduced substantial instability into the system.

“Fourteen Ministers have had portfolio responsibilities for industry, science, and innovation functions since 2008.”

Now NSW has acted on this failure of public policy so on display in Canberra, where there is little co-ordination of policy effort for innovation and industry.

NSW Premier Chris Minns said: “The changes announced today bring structure and better co-ordination to important portfolios which together ensure our trade and investment is at the centre of government.

“This is a government that is focused on opening up Sydney and NSW for business, boosting the economy and creating jobs in these important sectors.”

This series is brought to you through the support of our principal sponsor, public accounting, tax, consulting and business advisory BDO, and R&D tax incentive consultancy Michael Johnson Associates.