Synopsis: Entrepreneurship:

of a call from DG Enterprise and Industry within the PRO INNO Europeâ initiative. The purpose

Enterprise Ireland (IE), FFG (AU), NL Agency NL), Tekes (FI), Technology Strategy Board (UK and VINNOVA (SE.

many countries is a new approach on demand side support which is very important for driving

ii) how to stimulate demand of innovation especially using procurement as a catalyst for innovation support and iii) how to improve the

or innovation support services. This report shows that agencies should not focus on only providing money in early stages,

programmes for young innovative enterprises VIGO-programme in connection with NIY -programme For the stimulation of demand of innovation

-public organisations can play an important role as visionary risk-taking and demanding reference customers.

By taking these roles, these organisations can stimulate innovation through innovative demand side measures, such as public

procurement. An approach that has received much attention is the US SBIR programme and its successors in Europe and Asia.

Stimulation of demand is provided not only through public organisations. Demand from private organisations can also be stimulated

through different governmental initiatives such as subsidies, tax redemption schemes and regulatory changes. Another important remark is that if SMES

finnish programme Young Innovative Enterprises on the other. Through an increased use of ICT -systems, governments can address both high

needs to improve its communication, something which could also be facilitated by a central body However to what degree some of the services are

carried out by a secretariat or if some services are carried out by partners, remains to be decided

In addition, a decision for how such a secretariat should be setup is required also A future IPF would benefit from a deeper

to not only DG Enterprise and Industry, but also DG Research and DG Regio 2. 1 Purpose of Synthesis report

providing innovation support services to SMES -IPF as a provider of tools that facilitates on the

innovation support services to SMES. IPF has focused on three themes: stimulate growth stimulate demand of innovations and improve

effectiveness and efficiency of innovation support service delivery 2. 2 Structure of this report The report is structured in the following way:

Enterprise and Industry within the PRO INNO Europeâ initiative. PRO INNO aims at innovation policy analysis and cooperation in Europe, with a

efficiency of public innovation support services in Europe. Furthermore, the call had the following intentions:

result, DG Enterprise and Industry launched a call to mobilise those innovation agencies and innovation service providers that are strongest

innovation support services and/or cluster programmes at national and regional level with a focus on support to innovative SMES.

support services more efficiently 2. Carry out peer reviews (mandatory) to search for better practices in providing innovation

support services. The main objective of this task was to organise peer reviews through visiting programmes aimed at assessing current support

in providing innovation support services to innovative SMES 3. Setup a good practice exchange scheme

effectiveness of their services. These instruments did not only focus on service quality, but also on the means to achieve it

provision of services provided to SMES 3. 2 What has been the purpose of the IPF project

Enterprise Ireland (IE), FFG (AU), NL Agency NL), Tekes (FI), Technology Strategy Board UK) and VINNOVA (SE.

incubator in the implementation of the European Innovation Plan †both in terms of challenges addressed and in the way implementation has

new approach on demand side support in many countries. The pre-commercial procurement is very important for driving innovation-led

†make SMES more attractive for private capital markets (SUP3 †make innovation processes of SMES more

demand of innovation (EFF4 3. 3 Common Framework IPF has focused on identifying and learning from good practices as well as developing new

the services to them from a bottom-up perspective. It includes the set of services including funding) provided by organisations

together with a set of rules that an SME has to adhere to in order to access

those services The idea behind the model is that in order to transfer policy measures or practices one has to be

innovation support services to SMES The consortium has held regular meetings working actively in different work packages and

services can be improved in Europe within the three themes selected 4. 1 Learning platform The learning platform developed by IPF has been

and facilitate communication and networking beyond physical meetings Some of the more important conclusions and

innovation support services. The use of EFQM has however been limited, especially as an assessment tool.

public initiatives, ii) how to stimulate demand of innovation, especially using procurement as an vehicle for innovation support and iii) how to

to capital, costly patenting, market fragmentation outdated regulations and procedures, slow standard-setting and the failure to use public

and investment barriers across Europe and to support the business driven management and utilisation of intellectual property rights in

competence to new and early stage ventures are often a prerequisite to mobilise sufficient private

growth capital to the company •SME adapted innovation contexts. SMES need better linkages to innovation enabling contexts

competition with other firms in the cluster /network •Improved performance of seed and early stage

investments. To improve performance of seed and early-stage investment industry, we need to simultaneously address

†Investment readiness in potential innovative and growth SMES. This is an area where government initiatives are needed since

Europe does not have the capital structure of the US where private money is much larger

than the Venture capital industry. This is also linked with the framework conditions and initiatives attracting serial entrepreneurs and

technology opportunities and obstacles. This understanding may be acquired through entrepreneurial and early stage investment experience and needs its own policy

measures †Stimulate and create conditions for larger seed funds. Seed funds make money on follow-up investments, not on entry

investment. This requires a solid capital foundation to work from and such funds must be able to commit themselves to

companies with a high growth potential •Improved access to growth capital. Stimulate and create conditions for different kind

of growth capital, not only equity based investment but also loans, guarantees etc adapted to companies having predominantly

intangible assets •Demand driven support measures to stimulate the use and demand for innovations. In

many cases, measures driving the markets for innovation are, even more important for the growth of the economy than stimulation of

the production of innovations. This covers e g procurement initiatives to bring innovation into use, tax incentives framework conditions to

stimulate deployment and usage of innovations etc •Embrace a broader concept of innovation that

also addresses non-technological innovation opportunities that create new business and customer value for companies

Moreover, IPF has through its peer review exercises concluded on the following guidelines for growth support to SMES.

Innovative Enterprise-programme and The french Venture capital Guarantee programme •Do not replace market actors, but try to foster

better market players and market conditions •Do not only focus on providing money in early stages of company or innovation development

isolated measures or support services •Growth means internationalisation, both in market reach and competitive strength.

•Adequate supply of capital and competences are crucial for growth in SMES. Measures addressing

e g. partnership innovations, business models marketing and sales innovations etc.;improving the ability to run innovation processes in new

How to stimulate demand of innovation Public organisations can play an important role as visionary risk-taking and demanding reference

customers and stimulate innovation through innovative demand side measures, such as public procurement There are some general lessons learned from

studying SBIR-like efforts in Europe, the USA and Asia. From these experiences it has been identified

rather than products or services which they are currently used to and guided to, as this allows for

providers of services entering the market There should be a balance between the EU national and regional initiatives.

customers and markets Experiences from Asia and US show that in order to stimulate demand of innovation in

public organisations, governments can require public agencies and organisations to identify potential innovation procurement opportunities

and demands, and allocate budgets for their procurement. Another approach is the â€oeus Challenge. govâ€, which stimulates public

organisations to post their challenges on to a website that facilitates crowd sourcing of solutions. â€oechallenge. gov†encourages people

To stimulate demand on innovation is broader than public procurement and can through different means also influence demand from

private organisations, e g. public agencies can facilitate innovation procurement in private organisations by e g. gathering buyer organisations

turn drove demand of broadband and Internet services. Another approach has been developed in IMPROVING INNOVATION SUPPORT TO SMES

17 South korea where subsidies for large companies to buy new innovative products/services from SMES are provided

Another important remark is that SMES should be addressed specifically in innovation procurement. Procurement processes should be

with specific and timely services. Governments can more efficiently address both high volumes and individual SMES and they can manage the

for a specific competition. They also need timely and personalised information on funding opportunities and easy access to advice as well

as tailored support •An ideal service delivery mechanism seems to be a true †one stop shop†where client companies

†Access to broadband services are widespread †Clients that are sophisticated more require funding and limited advice rather than

Segmentation also offers opportunities for agencies to improve their dialogue with policy makers and other stakeholders since

it highlights the different innovation support needs of SMES in a clearer way than when

example is the Enterprise One scheme run by SPRING Singapore that gathers support on a web

as it has provided opportunities for learning, both in formal and in informal ways. Findings and lessons learned have had an

what degree some of the services are carried out by a secretariat, or if some services are carried out by

partners or sub suppliers, remains to be decided The unique aspect of the IPF is the profile, the

2) See Business model Generation by Osterwalder & Pigneur (John Wiley & Sons, ISBN 978-0470-87641-1) for a description of the business model canvas 9 (14

Opportunities and challenges in the global economy...2 Australia has succeeded by playing to our strengths and through economic reform...

A lower cost, business friendly environment...27 Ambition 2: A more skilled labour force...45 Ambition 3:

Industry policy that fosters innovation and entrepreneurship...68 PART C: IMPLEMENTING OUR ECONOMIC ACTION STRATEGY...

Australia has experienced 23 years of economic growth. Over the last three decades the value of our exports has risen fourfold

Exports now represent one dollar in every five of national income However, our success should not be an excuse for complacency

Commodity prices have fallen from their peak in 2011; the deterioration of Government finances since 2008 has made

number of customers; it also means proximity for suppliers and competitors to our market Our competitors are cutting taxes, reducing compliance costs,

Strategy to build a strong, prosperous economy and a safe, secure Australia We†ve already scrapped the carbon tax

1. a lower cost, business friendly environment with less regulation, lower taxes and more competitive markets

4. industry policy that fosters innovation and entrepreneurship This Agenda is an integral step along the path of economic growth and prosperity.

I welcome the debate this paper will foster. Improving Australia†s competitiveness is essential in building

the stronger economy that we all want The Hon Tony Abbott MP Prime minister of Australia

Opportunities and challenges for the Australian economy The increasing economic strength of Asia and growing integration of the global economy present

great opportunities for Australia. Asia is driving huge demand for a diverse range of goods and

services. At the same time, new markets are being created and many services once only delivered locally are imported now regularly

or exported, as trade barriers fall and technology improves To seize these opportunities, Australia will need to compete with the best in the world.

Many of our competitors have recognised already these new markets and opportunities. A number of Asian economies are climbing up the value chain,

shifting from largely low skilled industries to high skill jobs while maintaining a relatively low wage structure.

Other advanced countries are aggressively reforming their economies. They are reducing barriers to trade in goods and

services, reining in inefficient public spending, reducing taxes, deregulating and improving competition, stimulating entrepreneurship, investing in infrastructure and giving research a

greater commercial focus. Only through similarly ambitious reforms can Australia secure its future as a high wage economy with a strong social welfare safety net in the face of this vastly

more competitive world Australia compares well against a number of international economic benchmarks, but in recent

years our competitiveness has weakened. Australia ranks around the average of Organisation for Economic Co-operation and Development (OECD) nations on most aspects of government

policy, and we rate well on dimensions such as macroeconomic and financial sector policies income and wealth, jobs and earnings,

and education and skills. We were fortunate to avoid the worst of the global financial crisis and the resulting slow recovery, benefitting both from

previous economic reforms and the mining investment boom However, multifactor productivity has stalled for a decade

and actually fell in 2013, which is the worst performance of 15 countries assessed by the Productivity Commission.

need to find new sources of growth as the resources investment boom fades Without change, Australia risks being competed out in the world market,

and lower economic growth. If left unaddressed, our declining competitiveness will represent the start of an unacceptable slide into mediocrity.

and equipping our economy for the challenges ahead, to prevent Australia†s economy from drifting

The Government†s vision is of a nimble economy, capitalising on Australia†s strengths. It includes

businesses and workers equipped with the skills and incentives to adapt to changing economic conditions and able to seize new opportunities

Central to this vision is need the for strong and self-reliant Australian businesses: large and small;

resources, services, manufacturing and agriculture. It is only through businesses and industries that are able to compete successfully on their own merits that the jobs and prosperity of the

future, the Government understands the importance of encouraging entrepreneurship Entrepreneurship and a flourishing start-up community promote job creation and productivity

growth. These types of businesses benefit the broader economy by testing new ideas, developing new products and implementing new business models.

Creating the conditions which encourage risk taking, entrepreneurship, investment and hard work is important to foster innovation in

Australia Likewise, much will be required of our workforce, to provide the skills and generate the ideas

needed for businesses to succeed and for jobs and incomes to grow. We will need particularly

people with a firm grounding in science, technology, engineering or maths if Australia is to

compete successfully. More generally, in an increasingly globalised economy, it will be critical that all businesses have the people

and skills to innovate, the networks to remain competitive in domestic markets, and the know-how to identify opportunities in global markets

The Government†s vision also includes a leaner and more focused model of government itself.

Government has an important role in fostering the right economic environment, so that businesses can create

or capitalise on good opportunities wherever and whenever they emerge It also needs to address significant market gaps and deficiencies.

and set in train significant new investment in public infrastructure. We recognise that much more needs to be done.

the financial system, competition policy, workplace relations, energy, agriculture and the development of northern Australia, among other issues, to provide roadmaps for further

environment that allows businesses to create the jobs and prosperity needed for strong, secure communities and to maintain high living standards in Australia.

reform efforts to make the most of Australia†s strengths and business opportunities Through the Competitiveness Agenda, the Government aims to achieve four

•a lower cost, business friendly environment with less regulation, lower taxes and more competitive markets

•industry policy that fosters innovation and entrepreneurship The specific actions the Government will undertake through the Competitiveness Agenda are

world†s major economies have committed to undertake ambitious reforms with the goal of lifting collective G20 GDP by more than 2 per cent above the current trajectory over five

G20 Leaders†Forum and will focus on reforms in investment and infrastructure, trade competition, employment and participation.

As G20 president, Australia will show leadership in pursuing a new wave of economic reform Box 1:

the Government is increasing public investment and encouraging greater private investment in infrastructure, and improving infrastructure project

selection, funding, financing, delivery and use 4 Industry policy The Government is refocusing industry policy to drive innovation and

entrepreneurship, not dependence on government handouts and protection. Industry policies will be targeted re to capitalise on Australia†s

and medium sized enterprises and most promising sectors. We will consult with industry and researchers on a plan to focus the Government†s $9. 2

billion per year investment in research to get a better commercial return 1 The Government will make it easier and cheaper to do business by

economy to greater domestic and international competition business environment TPO00007 An action plan for a stronger Australia

Industry Innovation and C om petitiveness A genda Industry Innovation and Competitiveness Agenda Ixexecutive summary

A Lower Cost, business Friendly environment The Government will make it easier and cheaper to do business by

•improving access to international markets and opening up the economy to greater domestic and international competition

Reducing the regulatory burden Regulation is necessary for a well-functioning economy and society, but too often the first

reflex of governments has been to regulate, adding layer upon layer of costs on business. The

Australian governments rely on tax revenue to fund the public investment and services on which society and the economy depend,

but this comes at a cost to individuals, businesses and the economy. The Government will work to reduce taxes,

simplify the tax system and increase certainty Actions already taken •Repealed the Carbon Tax •Repealed the Minerals Resource Rent Tax

Increasing domestic and international competition The Government will further open our economy to domestic and international competition

and investment to improve access to high-quality, low-cost goods and services. This will benefit consumers and enhance the competitiveness of businesses that rely on these goods

and services as inputs. Greater competition within Australia will also provide incentives for domestic producers to innovate

and lift their productivity, while greater market access will enable exporters to achieve global scale

Actions already taken •concluded Japan and South korea trade agreements, which will reduce import costs and

•Endorsed, with State and Territory Trade and Investment Ministers, five priority areas where governments will collaborate to attract

and facilitate foreign investment in Australia agribusiness and food; major infrastructure; tourism infrastructure; resources and energy

and advanced manufacturing, services and technologies •Appointed investment specialists to Austrade to facilitate foreign direct investment projects

to support these foreign investment priorities Actions to come •the Government will continue to work towards concluding a free trade agreement with

China that boosts trade and investment and builds upon our strong and rapidly growing economic relationship

•The Government will consult with industry to co-design a †trusted trader†programme to

remaining barriers that restrict foreign investors in professional services from forming certain types of legal entities

•The Government will respond to the recommendations in the Competition Policy Review†s final report, to increase competition and thereby drive innovation and productivity.

The Review has been asked to fully consider competition policies, laws and institutions •The Government will better balance financial system efficiency with stability and consumer

protection, in light of recommendations from the Financial System Inquiry TPO00007 An action plan for a stronger Australia

encourages investment and supports jobs growth. The Government aims to create a world†s best practice higher

•announced expanded access to demand-driven funding from 1 january 2016 at a cost of $820. 4 million over three years,

•refocused the delivery of apprenticeship support services on improving participation and completion rates, with funding of $200 million per year

Highly skilled migrants contribute to a strong and vibrant economy, bringing know-how innovation and entrepreneurship and also helping to plug short-term skills gaps.

As part of the Competitiveness Agenda, the Government is taking further action to facilitate skilled migration

involving Austrade in the process of determining eligible complying investments; aligning qualifying investments with Australia†s five investment priorities (outlined in Ambition 1

and introducing a premium stream for people investing more than $15 million Returning the workplace relations system to the sensible centre

and seize new opportunities and workers must be free to negotiate working arrangements that suit their personal ambitions and circumstances.

require productivity improvements to be discussed in enterprise agreement negotiations •The Government will task the Productivity Commission to review Australia†s workplace

committed to increasing public investment and encouraging greater private investment in infrastructure, and improving infrastructure project selection, funding, financing and delivery

Greater public and private investment in economic infrastructure Actions already taken •Increased total Commonwealth investment in transport infrastructure to $50 billion

through to 2019-20 •Provided, as part of this investment, $11. 6 billion to establish an Infrastructure Growth

Package, which should reduce congestion and improve market access for goods and labour This includes â€'$5 billion over five years toward the Asset Recycling Initiative, which provides

to $40 billion of new infrastructure investments â€'$2. 9 billion for the Western Sydney Infrastructure Plan,

â€'measures to expedite infrastructure investments, including work on major projects such as Melbourne†s East West Link Western Section (stage 2), Adelaide†s North

•appointed a Senior Investment Specialist to Austrade to facilitate foreign investment in Australian infrastructure

•Established a ministerial working group to identify priorities for fast-tracking investment in water infrastructure

Australia to inform future infrastructure investment •The Government will work with the States and Territories to progress reforms in response

Industry policy that Fosters Innovation And entrepreneurship The Government is refocusing industry policy to drive innovation and entrepreneurship, rather

than create dependence The Government will no longer borrow to give money to big international corporations or to

and accelerate the growth prospects of our high-potential small and medium sized enterprises and most promising sectors.

This will streamline the delivery of business services through www. business. gov. au and a single call centre

•Assisted business to benefit from international growth opportunities by â€'delivering a †Team Australia†approach to support trade and investment through

leadership of trade missions by the Prime minister and senior Cabinet ministers to priority markets â€'returning $200 million in capital to the Export Finance and Insurance Corporation to

help small and medium enterprises increase exports; and â€'boosting Export Market Development Grants by $50 million

•Established the $50 million Manufacturing Transition Programme to assist Australian manufacturers to transition to higher value activities and improve competitiveness

enterprises seeking to enter global value chains •The Government will consult with industry and researchers on a plan to focus the

Government†s $9. 2 billion per year investment in research to get a better commercial return, including by

to encourage greater entrepreneurship and so that good ideas can be commercialised in Australia •The Government will consult with industry on the appropriate regulatory approach for

Australia has enjoyed 23 years of uninterrupted economic growth, in large part due to the economic reforms of past decades and the massive boost to our incomes from the resources boom.

Declines in the prices of our exports have wiped around $40 billion from national income per year since the commodity price peak in 2011,

and further reductions are expected ABS, 2014b. Australia†s public finances have deteriorated markedly since the global financial crisis

competitive and uncertain international environment. While the opportunities are great, the changes taking place in the international economy also present further challenges to our living

standards. Only by reforming and grasping the opportunities which the world affords us can we

assure our living standards in the decades ahead Opportunities and challenges in the global economy The economic strength of Asia is changing the world.

Economies like China, India, Indonesia Vietnam, Malaysia and the Philippines have grown dramatically over the past 30 years and

this is projected to continue (Au-Yeung et al, 2013. While similar to the experience of earlier

movers like Japan and South korea, the scale of the current rise is unprecedented. By 2025 China will be the largest economy in the world

and the GDP of emerging Asia1 will be around US$51 trillion (Chart 1), 2 approximately five times all the already-developed Asian

economies combined (Au-Yeung et al, 2013. Emerging Asia represented around 9 per cent of the global economy in 1985.

By 2025 it will be around 40 per cent Au-Yeung et al, 2013 1 Emerging Asia includes:

middle class is increasing demand for all manner of goods and services, from energy, high quality food products

and advanced manufactured goods to health care, education, tourism and financial services. For example, by 2050 the real value (in 2009 US dollars) of beef

generally, China†s share of global demand for luxury goods is projected to double to around 20 per cent by 2020 (CLSA, 2011

Meanwhile, many Asian economies are becoming major new suppliers of these same goods and services, bringing serious competition to the global stage

Chart 2). To date, this has occurred mainly in less skill-intensive goods and services Emerging Asia has increased its share of global manufacturing output from around

6 per cent in 1982 to 29 per cent in 2012 and its share of services exports has grown from

6 per cent in 2003 to 11 per cent last year (United nations, 2013; 2014). ) As Asian economies

invest in education, skill up (Chart 3 and move up the value chain, they are producing more advanced goods and

services. In 2000, China produced around 6 per cent of the world†s communication equipment;

by 2010 this had increased to 26 per cent (National Science Board 2012). ) Alibaba, a Chinese online sales

backdrop of a global economy that is becoming increasingly integrated Advances in technology have made communication and transportation faster

0 10 20 30 40 50 60 0 10 20 30 40 50 60 1985 1995 2005 2015 2025

while also creating new opportunities Falling transport costs are facilitating the movement of people and goods. For

) Improvements in communication technology have made also it possible to share information and bring specialist skills

allowing services to be traded internationally where once these were available only locally (Elms & Low

and telehealth services, such as the delivery of clinical services through videoconferencing and remote monitoring of health conditions

Advances in technology have made also it possible to coordinate complex production processes across borders (Elms & Low, 2013.

The global economy is also becoming more integrated as governments negotiate free trade agreements and unilaterally reduce trade and investment barriers.

Effective tariffs in OECD economies have halved in the past 30 years, falling from around 4 per cent in 1988

to below 2 per cent today (World bank, 2014b. Effective tariffs in developing countries in East asia and the Pacific have fallen more markedly, from around 14 per cent in 1995 to around

Barriers to foreign investment and skilled labour have also been reduced, allowing these to move to where the commercial returns

great opportunities. Seven of our top 10 export markets are now in Asia, and by 2050 over half

opportunities to sell to more distant markets participate in global value chains and access imported business inputs, skilled labour and

more opportunities to scale up for a world market and small businesses will be able to find niche markets for their products overseas

hard for sales of goods and services exports, for skilled labour, for investor capital and for a

This will require a flexible economy that can absorb declines in some sectors and quickly expand into others as opportunities emerge

producing a niche input to be part of global supply chains Ferra, a Brisbane-based company, specialises in

customers include Lockheed martin, Airbus Boeing, BAE Systems, GE Aviation and Thales Ferra has signed recently a number of long-term

During Australia†s 23 years of uninterrupted economic growth, we have seldom been outside the top dozen countries globally in per capita GDP (The Conference Board, 2014.

five of national income (Chart 4). Foreign investment in Australia has increased fivefold over the past 25 years,

and there has also been strong growth in Australian investment overseas (Chart 5 Access to international capital, skilled

workers, and goods and services, has been critical to the growth and development of Australia†s economy.

Many of the massive scale projects that have underpinned the resources investment boom, like the US$18. 5 billion Gladstone Liquefied

Natural gas (LNG) project in Queensland have depended on international capital expertise and materials (Santos, 2014 Imports and the inflow of foreign

investment and skilled migrants have not only helped to physically build our economy, they have brought also new

technology and human know-how; better cheaper and more varied goods and services; and increased our international

people-to-people connectedness. This has improved the operation and products of our exporters and domestically focused businesses alike

Australia†s success in harnessing global opportunities has in part been due to our great national

strengths. Australia†s institutions are strong, open and well respected internationally. While we always strive to do better,

our education system was ranked in the global top 15 in 2014 Economist Intelligence Unit, 2014. We speak the language of business †English †but our citizens

are also increasingly internationally connected, with more than 2 million Australians who speak an Asian language at home and more than 1 million who speak a European language (Austrade

to reform our economy. In the early 1970s the Australian economy was volatile, insular and inflexible.

Today, thanks to the hard won reforms of the decades that followed Australia†s economy is more stable, open

and flexible. Australia floated the dollar introduced independent monetary policy deregulated the financial and wage-setting

Former governments increased competition through the National Competition Policy, privatised public assets like Telstra and the Commonwealth Bank,

base through cutting company and personal tax rates and introducing the Goods and Services Tax. These reforms enabled Australia to seize opportunities as they arose

The triumph of Australia†s resources sector is a testament to the benefits of the economic

to 2012-13, non-rural commodity prices rose around 120 per cent, resources investment surged from $18 billion to $113 billion

the resources sector workforce trebled to over 260,000 people and export volumes increased by more than half (ABS, 2014b

economy, particularly in trade-exposed sectors, through its effects on domestic costs and the exchange rate.

Foreign investment in Australia Australian investment overseas Chart 5: overseas investment Note: Deflated by Consumer price index

Data Sources: ABS, 2014d; ABS, 2014e -10 -5 0 5 10 15 20 25 30

35 -10 -5 0 5 10 15 20 25 30 35 -3-2-1 0 1 2 3-3-2-1 0 1 2 3

Terms of trade booms and inflation Data Sources: ABS, 2014c; RBA, 2014b; RBA, 2014c TPO00007

of the business services, construction, and manufacturing sectors shifted to take advantage of the resources boom, so now the resources and resource-related sectors comprise around

18 per cent of total economic activity (Rayner & Bishop, 2013. This expansion could not have

flexibility to relocate capital and labour, including from offshore, into the resources sector Economic reforms of the past allowed the economy to smoothly absorb the resources boom.

The combination of a floating exchange rate, flexible capital and product markets and independent monetary policy stopped the economy from overheating.

This contrasts sharply with the last terms of trade boom in the 1970s. Although only around one third of the size, the 1970s boom

was associated with a surge in inflation, interest rates and nominal wages (Chart 6). There were other factors at play such as the world oil shock,

but the economy†s inflexibility exacerbated an already difficult situation Many industries have bright prospects

With the resources investment boom now fading, Australia will need to look to new sources of growth and jobs in coming years

A number of private sector economists have identified industry sub sectors with growth potential. While the growth estimates differ in the details,

Although the services sector is overlooked often, the sector will be a particularly important source of jobs in the future.

Services have grown already to be the mainstay of the economy contributing over 70 per cent of output

services sector includes several high wage and high skill industries ranging from accounting engineering and programming to surveying,

growth in services is expected to meet future domestic demand, especially in smaller sectors that show potential like health and aged care services

Australian services exports also make an important contribution to Australia†s economy. Australia exported around

$58 billion worth of services in 2013-14, accounting for around 17 per cent of total exports and 4 per cent of GDP.

The main services exports are education and tourism, with a variety of business service exports also significant and growing strongly

ABS, 2014d; 2014b). ) Our main markets have long been the TPO00007 An action plan for a stronger Australia

Industry Innovation and C om petitiveness A genda Industry Innovation and Competitiveness Agenda 9the CASE For reform

Economics (d) Mckinsey e Gas ï ï ï ï ï Food & beverage processing ï ï ï

Mining services ï ï ï Professional & financial services ï ï ï ï Distribution services ï ï

a) Deloitte (2014), Positioning for prosperity: catching the next wave. In professional & financial services Deloitte identified wealth management as a growth subsector

environment & construction as having strong growth paths c) IBIS World (2013), Australia†s Top 5 New Exports.

identified legal services as a key growth subsector d) Outlook Economics (2014, unpublished), AUS-M. Distribution services includes wholesale

and retail trade transport, and postal and warehousing. Some subsectors are based on broader categories in the model

is now Australia†s largest services export market, accounting for around 13 per cent of total

services exports in 2012-13 (Department of Foreign affairs and Trade, 2014; Treasury, 2006 Further growth in services exports can be expected

and disruptions to existing business models brought by the internet. Nor could many have confidently foretold the extent of China†s spectacular recent growth and its soaring demand for

minerals and energy. Further economic change and disruption can be expected, but its exact effects on business opportunities and the profitability of different sectors cannot be predicted

Not all areas of apparent strength and good prospects today will necessarily remain so in the

This highlights the need for a nimble economy, with workers and businesses equipped with the

and to seize new opportunities wherever and whenever they emerge. While much will be expected of our largest and most

that our economy will need in the future. Much will also be required of our workforce, to bring the skills and generate the ideas needed for

engineering or maths if we are to compete in several emerging fields. More generally, in an

increasingly changing, globalised economy, it will be critical that all businesses, small and large, have

and the know-how to identify opportunities in global markets using technology to improve services Autumncare is based a Perth company that

applies technology innovatively to improve the management of aged care. The company†s electronic systems have modernised

opportunities for innovative approaches to aged care. With a solid Australian customer base, Autumncare has plans in train to take its

World demand for gas is expected to increase by around 50 per cent by 2035, largely led

today (BREE, 2014). 2. mining services continues to expand F i rms th at p rov i d e

and services to the resources industry account for $15 billion of exports each year (Austmine 2013).

require greater investment in infrastructure and so demand will increase for our resources. As the depth of

the demand for mining technology and services will continue to increase our mining advantage is not just about resources in the ground

Groundprobe is a Queensland company with its origins in university research. Its slope stability radar system, manufactured in Brisbane

3. Agriculture to meet increased demand for high quality food The United nations expects world food demand to increase by

70 per cent by 2050 (United nations Food and Agriculture Organization, 2009. As incomes rise, particularly in Asia, so

will demand for food products like fruit and vegetables, dairy products, meats cereals and fish (Chart 7). Australia is

our economy by 2020, particularly through students from China and India (International Education Advisory Council, 2013

projected demand of Asean countries for food products Source: ABARES, 2013 TPO00007 An action plan for a stronger Australia

property environment and educated workforce (ABS, 2013b. 7. tourism for the world†s growing middle classes

domestic tourism as reflected in Chart 8. 8. Financial and professional services Australia†s banking, insurance and managed funds sectors are open, stable, efficient

The financial and insurance services sector employs more than 400,000 people, and currently has more than $2 trillion of funds under management

) Exports of insurance and superannuation services have grown by an average of 10 per cent per annum since 2008 (ABS, 2014h.

services will remain in high demand. Reflecting the highly skilled, innovative nature of the Australian economy, professional, scientific and technical industries accounted for more

than 7 per cent of value add in 2011-12 (Australian Workforce and Productivity Agency 2013). ) Technology and communication will continue to facilitate the provision of legal

accounting, engineering and other services across borders Chart 8: tourism expenditure projections Source: Tourism Research Australia, 2013

TPO00007 An action plan for a stronger Australia Industry Innovation and C om petitiveness A

While opportunities will grow over time, so too will competitive pressure. Australia†s natural resources gave us a particular advantage in the early stages of Asia†s development

and services that Asia will demand. This competitive pressure has already been felt for some years in Australia, particularly

to reform and to compete hard for sales of goods and services, as well as for skilled labour, for

investor capital and for a place in the world†s supply chains International institutions such as the International monetary fund (IMF), the OECD, the G20 and

productivity and economic growth (see Box A2 Box A2: Policy settings for competitiveness, productivity and growth

aimed at low and stable inflation, a floating exchange rate, and honest institutions •A well-developed financial system founded on sound prudential regulation that

efficiently manages risk and channels savings to the highest return investments •Stable, broadly based and efficient taxes that raise revenue while minimising market

•Open trade and investment policies that provide access to international markets expose domestic businesses to international competition and spread new technologies

and practices •Education, training and labour market arrangements that provide a highly skilled and adaptable workforce with capabilities in line with business needs, minimise barriers

and enables efficient communications and competitive energy costs •Risk-based regulation making and enforcement systems that target market failures

Many of our competitors have recognised the global opportunities and challenges and are acting to bring their economies into line with international best practice.

Advanced economies are reining-in inefficient government spending, reducing corporate tax rates, deregulating and improving competition, making investments in infrastructure and skilled workforces, and giving

research a greater commercial focus. Singapore has cut the corporate tax rate many times from 40 per cent 28 years ago to 17 per cent now (Prime, 2012;

Inland Revenue Authority of Singapore, 2014. Singapore also offers a special visa class for foreign entrepreneurs who wish

) Canada is promoting competition in the telecommunications sector, including by capping wholesale domestic roaming rates to prevent wireless providers

from charging other companies more than they charge their own customers (Government of Canada, 2014. In February, Korea announced its Three-Year Plan for Economic Innovation, which

Australia has many of the fundamentals required for a productive and competitive economy. The OECD ranks Australia around the average of its member nations on most aspects of government

doubt Australia is missing opportunities and can do better across a range of areas •Less debt †Australia†s public finances have deteriorated markedly as governments

sectors, employment outside the public related sectors of the economy has been weak Box A3 •Profiting from ideas â€

early-stage venture capital market (OECD, 2013. Australia was ranked recently 81st out of the 143 countries for the efficiency with which it turns its innovation inputs into outputs

and other imposts on Australian enterprises work against these advantages. For example in its †Opportunity at Risk†report, the Minerals Council of Australia (2012) noted that in

Australia it takes around three years to get approval for a thermal coal project compared

Australia as global competition increases, and will hamper our ability to tackle the major domestic challenges we will face over the coming decades

sector of the economy, on which long term economic growth and government revenues depend, have grown even more slowly, averaging just 0. 9 per cent annually (Chart 9). For

many important services and their growth is, in part, a response to community needs. However, given

The Government†s Economic Action Strategy is about strengthening the economy and delivering benefits to the community, including through less reliance on government, freeing up business

and more long-term investment. To this end, the Government is pursuing world†s best practice

•to support open trade and investment, the Government recently concluded negotiations of trade agreements with both Japan and South korea †it is estimated the Korea Australia

Free trade Agreement alone will add $650 million to the Australian economy every year from 2030 (Centre for International Economics, 2014

•to encourage greater quality and lower prices for the goods and services that businesses

and consumers depend on, the Government established a review of competition policy to increase domestic and international competition

•to improve our education and training systems, the Government is expanding the demand-driven higher education system to all sub-bachelor courses and is deregulating

fees from 2016. The Government is also establishing Trade Support Loans to help increase completion rates among Australian apprentices in priority occupations, and

a $476 million Industry Skills Fund to provide training and support services to small and medium enterprises

•to improve our workplace relations system, the Government is amending the Fair Work Act 2009 and will reestablish the Australian Building and Construction Commission

•to improve infrastructure, the Government is delivering an $11. 6 billion Infrastructure Growth Package, including $5 billion for States and Territories that privatise State owned

The world†s major economies have committed to undertake ambitious reforms with the goal of lifting collective G20 GDP by

will focus on reforms in investment and infrastructure, trade, competition, employment and participation. As G20 president, we will show leadership in presenting a new wave of economic

more enduring economic growth At the heart of the Agenda is need the to invigorate Australian businesses:

services, manufacturing and agriculture. Strong businesses, free to play to our country†s strengths, will create the jobs

broadly through the economy. The competition that this elicits challenges incumbent firms to do better.

Entrepreneurs are important in building a dynamic and innovative economy. However entrepreneurs are less likely to pursue opportunities

when policy settings discourage appropriate risk taking behaviour. This is why the Government is laying the groundwork for Australian

businesses to embrace structural economic changes, innovate and build their competitive advantages In furthering this vision,

which has an important role to foster an economic environment where productive, self-reliant enterprises can flourish.

Government also has a role to address gaps and deficiencies in markets where they lead to significant social, environmental and

conducive to business investment and growth, it is businesses †not politicians or bureaucrats †that are placed best to assess commercial prospects

which areas, to invest their capital. Government subsidies and other policies that have distorted these decisions, without addressing significant market problems, have undermined Australia†s

The Government intends to scale back intervention in the economy to restore the balance Lower government spending will allow taxation to be reduced sustainably over time.

competition with private businesses for labour, land and capital. Finally, less government regulation will reduce business compliance costs

to adapt to the rapidly changing economic environment Reducing government overreach in these ways, while necessary, will not be easy.

industries†competitiveness and driving greater innovation and investment across the nation It brings together and builds on the Government†s dedicated reform streams in taxation

competition, deregulation, energy, infrastructure and the Federation. It is a comprehensive and positive reform agenda.

1. a lower cost, business friendly environment with less regulation, lower taxes and more competitive markets

4. industry policy that fosters innovation and entrepreneurship In developing reforms to promote these ambitions,

areas such as enabling trade and investment, fostering innovation and entrepreneurship facilitating the development of skills and capabilities in our people and businesses, reducing

Strengthening entrepreneurship and small business The Government is committed to encouraging entrepreneurship and creating the best

possible conditions for small and large businesses to thrive. The Government†s vision is that, alongside successful large Australian businesses, Australian small businesses will be

innovation leaders, contributing strongly to national economic growth and competitiveness There are over 2 million Australian small businesses (Department of Industry, Innovation

the economy. This is why small business entrepreneurs are important to future economic growth, improved job prospects and better living standards

and opportunities are likely to offer the highest returns on investment. In a market economy, which sectors prosper, and

the extent to which they grow, will ultimately depend on myriad decisions of business; it should not (and cannot) be prescribed in advance by governments, either on their own or

compete in a digitalised, global economy. It will help entrepreneurs reinvent and evolve their businesses as technologies change

and the economy restructures The Government is committed to fostering an innovative culture among small businesses

and improving the business operating environment, including by reducing red tape and increasing the quality and effectiveness of government engagement with small business

The Competitiveness Agenda will improve the opportunities for all businesses. Small businesses will gain proportionally greater benefits as they are particularly vulnerable to

the deadening effects of excessive red tape and other impediments to entrepreneurship Some initiatives in the Competitiveness Agenda have undergone already extensive consultation

A Lower Cost, business Friendly environment The Government will make it easier and cheaper to do business, particularly for small business

•improving access to high-quality, low-cost inputs to business by opening the economy to greater domestic and international competition

Reducing the regulatory burden Regulation has been allowed to grow unchecked and for too long other policy objectives have

Regulation is necessary for a well-functioning economy and society, but there are costs that should not be ignored.

regarded regulators in other advanced economies not being recognised in Australia. For example, in assessing medical devices, Australia†s Therapeutic

lead to swifter decisions and improve Australia†s investment climate, while maintaining high environmental standards.

including working with stakeholder groups to develop criteria for accepting or adopting trusted standards and assessments.

cover communications, risk-based and proportionate approaches, transparency, reducing regulatory burden, and continuous improvement The Government envisages that all regulators will self-assess their performance against

Australian governments rely on tax revenue to fund the public investment and services our economy and society depend on,

but taxes impose direct and indirect costs on businesses and individuals. Beyond their direct impact, taxes may also reduce the incentive to save,

23 cents of value is lost to the economy (KPMG, 2010. Although dividend imputation reduces the burden of company tax in Australia for domestic shareholders, at 30 per cent our company

tax rate is high by international standards (Chart 10. The OECD has suggested that the Australian economy would benefit from a shift toward less mobile

and distorting tax bases (OECD, 2010b This is because Australia is more reliant on corporate and personal income tax than the OECD

tax compliance costs of around $18 billion for the Australian small and medium enterprise business sector in 2011-12 (Lignier et al, 2014.

entrepreneurship, investment and growth. The Carbon Tax and the Minerals Resource Rent Tax have been repealed. The Carbon Tax imposed additional tax and compliance costs on around

Department of Environment, 2014. Fewer than 20 taxpayers contributed to the meagre revenue raised by the Minerals Resource Rent Tax,

will encourage investment, and should boost real wage growth and employment The Government is committed to a simpler and more sustainable tax system.

earners to pay down public debt and the indexation of fuel excise to fund critical investment in

costs on the economy. Changes to tax law should not be seen as a †quick-fix†solution and

During consultation with a wide range of stakeholders, options raised included •reforming the superannuation guarantee charge penalty regime to reduce its

stakeholders to better understand the compliance cost concerns of small business For other changes to the tax system, see also Ambition 4, Proposal 15:

through greater domestic and international competition Reinvigorating competition across the Australian economy will help bring down costs for

businesses and consumers. Many Australian industries already face strong competitive pressures particularly those in our internationally traded sectors.

the Australian businesses and consumers who depend on the goods and services these industries produce. The Government is committed to opening up and increasing competition across the

economy to improve Australia†s international competitiveness Australian businesses use a range of domestic and international inputs.

Farmers rely on roads and railways to get their produce to port, manufacturers rely on electricity to power their

Competition also encourages innovative businesses to enter the market, inspires existing businesses to improve and allows more productive businesses to replace others.

Competition also gives workers a greater array of employment options. In a competitive jobs market, businesses must reward effort and

competition and improve market access In the 1980s, 1990s and early 2000s, Australia opened up the economy to international trade

and investment, lifting our competitiveness and living standards (Productivity Commission 2005). ) Australia has lowered our average tariff

rates from around 13 per cent in the early 1970s to 2. 7 per cent in 2012, the lowest in the

opportunities from free trade agreements Australian automotive manufacturer Mtm has supplied high-quality automotive components to the Australian industry for over 30 years.

past decade, Mtm has sought new opportunities to export its products. It has developed new relationships in China, Thailand, India and Malaysia

Economics, 2009 Australia has negotiated also many free trade agreements which lower imported input costs and open up international markets for our

eliminated, creating more opportunities for Australian exporters The Government recently concluded trade negotiations with Japan and South korea, and

competition as a part of its G20 growth strategy The Government is also examining the potential

Australian businesses also depend on foreign investment, so the Government is making it easier for significant investment to proceed.

Our average investment rate of 28 per cent of GDP over the 10 years to 2012 is considerably higher than the average investment in the G20 of 25 per cent and

the 21 per cent average of the OECD (World bank, 2014a. Australia†s free trade agreements have

included provisions to improve access to foreign capital. In addition, the Government will help significant investment to proceed

and contribute to growth, employment and transfer of new skills and technologies. To ensure that Australia is open for business,

the Government is appointing five Senior Investment Specialists to Austrade from the private sector. These specialists will facilitate

foreign direct investment projects in areas of strength including agribusiness and food; major infrastructure; tourism infrastructure;

resources and energy; and advanced manufacturing trade advantages from our †clean and green†reputation

New business models are starting to rely on immediate transfer of international cargo to domestic transport hubs.

services and technology. These align with the five national investment priorities for investment attraction that have been agreed by all States and Territories and the Commonwealth in

February 2014 TPO00007 An action plan for a stronger Australia Industry Innovation and C om

Removing barriers to professional services investment Australia has an open and competitive professional services sector, particularly in the

areas of legal, accounting, architectural and engineering services. Liberalisation has positioned Australia to take advantage of the internationalisation of professional services

both through increased foreign investment in Australia and opportunities for Australian businesses through better linkages to overseas markets.

However, there are a few remaining barriers which discourage investment and limit the continued expansion of Australia†s professional services sector

Acknowledging the Commonwealth does not have Constitutional responsibility for this policy area, the Government will encourage relevant State and Territory governments to

remove remaining barriers that restrict foreign investors in professional services from forming certain types of legal entities.

The Government will also continue to advocate the benefits of liberalisation for Australian business, to promote competitiveness and

increase foreign investment Increasing domestic competition to reduce costs and improve goods and services Australian businesses rely on a range of domestically produced goods and services.

Where there is insufficient domestic competition or poor regulation, business can face higher prices poorer services and less variety.

The National Competition Policy reforms that followed the Hilmer Review in the 1990s had a significant and positive effect on the Australian economy

The Productivity Commission (2005) estimated productivity improvements in infrastructure industries targeted by these reforms permanently increased Gross domestic product by

2. 5 per cent. However, the pace of competition reform has slowed with the end of the main

National Competition Policy reforms in 2005 and has gone arguably backward in some areas The IMF, OECD and World bank (2014) have highlighted that competition reforms could reap

significant gains internationally. Following the release of Government commissioned reviews into Competition Policy, the Renewable Energy Target and the Financial System, and the finalisation

of the Energy White paper, the Government will consider the recommendations and work with the States as necessary to reduce the cost of,

and improve access to, the goods and services businesses depend on The Competition Policy Review is examining

whether Australia†s competition policies are driving the most competitive outcomes, given the changes to the Australian economy in recent decades

and our increased integration into global markets. It will determine where competition can provide further benefits to Australian consumers and businesses.

The Review is also examining the regulations and regulators to ensure they are operating effectively and supporting competition

while minimising the burden on Australian businesses TPO00007 An action plan for a stronger Australia

Industry Innovation and C om petitiveness A genda Industry Innovation and Competitiveness Agenda 41 the reform Agenda:

Ambition 1 The Government considers that Australia is not fully realising the investment and export potential

of our rich energy resources due to burdensome regulations and restrictions at all levels of government. This is why the Government is moving to reduce regulatory restrictions and costs on

the energy sector. Until recently, offshore petroleum activities in Commonwealth waters required assessment and approval by both the National Offshore Petroleum Safety and Environmental

Management Authority (NOPSEMA) and the Commonwealth Minister for the Environment under the Environment Protection and Biodiversity Conservation Act 1999.

The Government has already simplified this process by making NOPSEMA the sole designated assessor for these activities in

Commonwealth waters. The reform will save the industry $120 million annually. We are working with the States and Territories to further reduce duplication of approvals in coastal waters

The Energy White paper and the Government†s response to the Renewable Energy Target Review will consider how to improve the competitiveness of the energy sector

while putting downward pressure on energy costs (Box B3. While we need to carefully balance environmental and other

•attracting investment and creating a stable investment environment •putting downward pressure on electricity price rises, increasing competition and consumer

choice, and driving regulatory and market reform to constrain future price rises; and •reducing unnecessary regulation while protecting consumers and the environment

Box B3: Australia†s energy resources and the cost of energy for Australian businesses and consumers

Australia has abundant energy resources. Australia ranks among the top five worldwide for known resources of black coal, recoverable brown coal and uranium.

In the case of electricity prices, this reflects heavy investment in utilities infrastructure and also costly environmental policies (Department of Industry

and competition from higher priced international markets. This pressure is expected to increase, particularly in the east coast market

regulatory settings that do not lead to over-investment in infrastructure and increase transparency in the gas market to improve certainty for businesses.

promote competition in electricity generation and retailing; support cost reflective pricing; and better regulate transmission and distribution monopolies.

The Government is also working to improve efficiency and increase competition in the public sector We are privatising Medibank Private

Mint, and the registry services of the Australian Securities and Investment Commission. The Government†s Asset Recycling Initiative will provide incentive payments to the States to privatise

the Government is applying a contestability framework to promote competition and efficiency in all areas of government activity.

support economic growth. The Inquiry will make recommendations to foster an efficient competitive and flexible financial system

services and insurance industry was second only to mining in its contribution to economic growth last year and the competitiveness

Australian economy (ABS, 2014b. As G20 president in 2014, Australia is focusing the G20†s efforts on delivering key aspects of

consulting services help to administer financial products for the investment, superannuation pensions, life insurance and private wealth

industries. Bravura employs more than 750 people in 16 offices across 10 countries, and its software is

shipping services could help lift Australia†s competitiveness and lower prices for consumers Australian Competition and Consumer Commission, 2014.

However, coastal shipping has been in long-term decline: for example, between 2000-01 and 2011-12, while the volume

system restricting competition from foreign ships on Australian coastal routes, and followed changes from July 2010 that applied Australian wages and conditions to certain

services. These include Australian producers and manufacturers of products like sugar cement, fertiliser, steel and aluminium,

Improving competition in the coastal shipping sector could give onshore businesses access to efficient, flexible and cost-effective shipping services, supporting jobs

growth and yielding broader economic benefits for Australia TPO00007 An action plan for a stronger Australia

innovation, encourages investment and supports jobs growth and higher wages, reflected in Table 2 International labour organization

The paper argues that investment in STEM is a key contributor to boosting productivity creating more and better jobs,

enhancing competitiveness and growing an economy. For example, one estimate is that scientific and technological advances have produced roughly

half of all United states economic growth in the last 50 years. STEM may become an even

The effectiveness of greater investment in STEM will depend on appropriate adaptation to the Australian context.

However, the Review of the Demand Driven Funding System (2014) suggested universities need greater control over their capacity to raise resources

Also, stakeholders raised concerns in the Review of Higher education Regulation regarding the burden of reporting requirements (Phillipskpa, 2013

the expansion of the demand driven system to all accredited bachelor and sub-bachelor courses

Capitalising on international education opportunities Monash University has over 64,000 students †21,000 of them international †with offshore

demanded by the Australian economy. A survey of employers by the National Centre for Vocational education Research (2013b) indicated that satisfaction in the ability of the system

a taskforce to work with key stakeholders, including State governments, registered training organisations, industry groups and employers, to develop a reform plan that creates a more

the training needs of small to medium enterprises not readily met by the national training system.

places and training support services over four years. It will prioritise assistance to small and medium enterprises (SMES

TPO00007 An action plan for a stronger Australia Industry Innovation and C om petitiveness A

emerging opportunities, opening export markets and emerging economies. Larger companies may apply to access the Fund,

equipment, technology and services; medical technologies and pharmaceuticals; oil and gas and advanced manufacturing The Government is also providing eligible apprentices with financial assistance of up to $20, 000

with job-relevant skills. supplementing support for maths, science and computing in schools The Chief Scientist has identified a critical need for learning resources that will engage

These maths-in-schools programmes for primary and secondary school students will deliver innovative and engaging teaching and learning resources to

Building on these maths education programmes, the Government will provide a further $3. 5 million to encourage the introduction of computer coding across different year levels in

and Communication Technology (ICT) industry feedback which consistently emphasises a looming acute shortage of computer programming skills

post-school ICT diploma or advanced diploma with opportunities for employment with the businesses involved in the programme.

A new model for apprenticeship support services The Government will implement new arrangements for delivering support to Australian

services including •connecting apprentices and employers through targeted job matching •providing advice about different course and training delivery options

new risk based model with improved information and education services, better recognition and greater autonomy for highly compliant providers and a more

key VET stakeholders, and possible reforms focusing on VET in schools and school based apprenticeships

opportunities to improve the VET system nationally. Streamlined governance arrangements have been agreed for the COAG Industry and Skills Council with a move to a single industry

Skilled migration is critical for a strong and vibrant economy. As well as building the skills of the

The know-how, innovation and entrepreneurship of highly skilled migrants can lift a country†s productivity and competitiveness directly.

Skilled migrants also often bring capital, or can help to attract it, and are major contributors to government taxation revenues

high demand globally and are readily transferable across borders, these workers have a great many choices about where they work.

Expanding the investment visa programme The Government will also expand and improve the significant investment visa programme

At present, Significant Investor visas (SIV), which can provide a pathway to permanent residency, are available for applicants having an eligible investment in Australia of

A$5 million for a minimum of four years. An internal review in 2014 by the Department

of Immigration and Border Protection found that Australia faces stiff competition from other countries with similar investor visa programmes,

and better direct additional foreign investment while maintaining safeguards to ensure the migration programme is misused not.

•align the criteria for eligible (or †complyingâ€) investments with the Government†s national investment priorities.

The investment eligibility criteria will be determined by Austrade in consultation with key economic and industry portfolios

TPO00007 An action plan for a stronger Australia Industry Innovation and C om petitiveness A

and seize new opportunities and workers must be free to negotiate working arrangements that suit their personal ambitions and circumstances.

The Australian economy continues to adapt and change as the world changes and our workplace relations system must do the same, otherwise

stable, fair and prosperous future for Australia†s workforce, businesses and the economy. To this

Investments Commission. The Registered Organisations Commission will have the power to commence legal proceedings and refer possible offences to prosecutors and law enforcement

purposes only if it is covered by an enterprise agreement, or it has been invited. Further the Bill ensures the Fair Work Commission can properly deal with excessive right of entry

enterprise agreements to restrict the use of IFAS. This means that employees covered by an enterprise agreement may be denied the opportunity for more suitable workplace

arrangements even if their employer agrees. The Bill provides workers with fair flexibility by ensuring IFAS can be made in relation to a minimum of five key conditions

Work laws enable industrial action in support of claims for a new enterprise agreement before bargaining has commenced.

and business during enterprise bargaining and only in support of claims that are not manifestly

for an enterprise agreement Boosting the workforce participation of parents The Government aims to boost women†s workforce participation to help increase Australia†s

and enable provision of more flexible services. The Government will respond to the Commission†s recommendations after it finalises its report in

•increasing public investment in economic infrastructure •improving infrastructure project selection, funding, financing and delivery;

•encouraging greater private sector investment in infrastructure Economic infrastructure for the 21st century Economic infrastructure †roads, rail, ports, airports, energy, water and communications

networks †is key to Australia†s competitiveness. Economic infrastructure opens up new markets and reduces the cost

Australia†s domestic infrastructure demands are growing rapidly. By 2060, Australia†s population will have increased by over 15 million,

demands are also growing rapidly. Global GDP is expected to double by 2030 and trade will grow

While investment in better economic infrastructure is needed to support Australia†s competitiveness, it is crucial to have strong institutional and governance arrangements in place

There has been significant investment in public infrastructure in recent years, but the investments have not always been the right ones (ABS, 2014g;

Productivity Commission, 2014d. There is also scope for increased private sector involvement and investment in public infrastructure, particularly in transport.

The Government is making public and private investment in the right infrastructure a priority Box B5:

Increasing demands on Australia†s infrastructure Increasing congestion is costing an estimated $15 billion per year (Department of

Infrastructure and Regional Development, 2014c. Travel by car reached 267 billion passenger kilometres in 2011-12, with 175 billion of these travelled on capital city roads

materials and bauxite-based commodities between mining areas, refineries and smelters BITRE, 2013a Subscribers to broadband internet grew thirteen-fold from 2003-04 to 2011-12 and

trade, highlighting the importance of sustainable investments in broadband technology and regulatory regimes that ensure the benefits of low cost distribution via the internet

Increasing public investment in economic infrastructure As announced in the 2014-15 Budget, the Government is delivering an $11. 6 billion

Infrastructure Growth Package to support economic growth, give businesses the opportunity to prosper, and expand the economy†s long term productivity.

package will take the Commonwealth†s total investment in transport infrastructure to $50 billion, bringing forward significant economic infrastructure projects

investment. The Government will provide incentive payments to States and Territories that privatise State-owned assets where the proceeds are reinvested in new productivity enhancing

balance sheets, the initiative will create opportunities for investors and increase private sector investment in quality infrastructure assets around Australia

The package will bring forward investment in key roads and boost funding for existing infrastructure programmes, including

•East West Link (stage 2) in Melbourne •Westconnex in Sydney (stage 2 •the Perth Freight Link in Western australia

investments and upgrades to the national rail network where appropriate. The Government is TPO00007 An action plan for a stronger Australia

The Infrastructure Investment Programme will boost the Commonwealth†s total investment in transport infrastructure to $50 billion through to

2019-20. This is expected to leverage a further $75 billion of investment from the States and

Territories and the private sector. Taken together this means in excess of $125 billion of additional

infrastructure investment, adding an estimated 1 percentage point to GDP once construction is completed The Government also recognises that

communications infrastructure is a key enabler for a competitive economy. The Government is rolling out the National Broadband Network to

bring high speed broadband within the reach of all Australian premises. We have recalibrated the

competition by rolling out new mobile base stations The Government is committed also to starting the detailed planning necessary to build new

has been established to identify priorities for fast-tracking investment in water infrastructure It has considered a variety of options

water, energy, communication and transport infrastructure in northern Australia and separately across the nation. These independent audits will help to inform the approaches and work

required to drive economic growth, and when specific infrastructure will be needed. For the first time, Australia will have integrated an plan of infrastructure needs across transport, water

communications and energy. This will enable better investment planning and allow governments to put in place appropriate policy

and regulatory processes to support that growth, including preserving key corridors and economic precincts. It will also facilitate engagement with the

In addition to ensuring the right investments in new infrastructure, it is important that the best use be made of existing infrastructure assets.

Encouraging greater private sector investment in economic infrastructure The Government is seeking to increase private sector investment in economic infrastructure

This includes attracting foreign construction companies and pension funds to invest in the development of Australian infrastructure as part of the Government†s foreign investment

priorities In recent decades, the private sector†s role in delivering major economic infrastructure has

which has reduced the commercial viability of private sector investment However, government budgetary constraints mean that the traditional model of funding and

government spending on other services. Attracting greater private sector investment in appropriate circumstances will drive efficiencies in building and operating infrastructure and

help reduce the call on government resources, allowing scarce public funds to be focused on delivering essential services the private sector cannot

TPO00007 An action plan for a stronger Australia Industry Innovation and C om petitiveness A

To leverage private investment, the Government is prepared to use alternative financing arrangements to complement traditional grant funding.

the provision of concessional loans, guarantees, equity investments, phased grants and other targeted payments. These mechanisms will be considered on a case-by-case basis. An example

water and energy services (Infrastructure Australia, 2012. As noted earlier, the Government†s $5 billion Asset Recycling Initiative will provide incentives for States and Territories to privatise

and create opportunities for Australian and foreign investors to invest in mature government assets The Government will look for opportunities to promote the appropriate use of user charging

which can help fund new infrastructure, promote †unsolicited bids†for new infrastructure and create greater visibility of future infrastructure needs through Infrastructure Australia†s 15 year

In addition, we have appointed to Austrade a Senior Investment Specialist with expertise in public-private partnerships to facilitate investment by foreign construction

companies, financiers and sovereign wealth funds into Australian infrastructure. One of five to be appointed in Austrade,

this Senior Investment Specialist will work closely with States and Territories as well as Commonwealth government agencies responsible for infrastructure

innovation and entrepreneurship, improve competitiveness, and create new job opportunities for Australians Industry policy will seek to capitalise on Australia†s strengths, in contrast to past approaches

that supported industries that proved to be uncompetitive. The Government will no longer borrow money to give to big business,

and to tailor industry policy to help capitalise on emerging opportunities The broadly-based reforms of our first three

environment and will remain the mainstays of efforts to lift competitiveness. However, we believe the Government also has a facilitation and

advantage of quickly evolving opportunities Government support can help businesses to build the skills and connections they need to grow, by

For example, small and medium enterprises face challenges in obtaining useful information about overseas markets and about the detailed

Industry policy that Fosters Innovation And entrepreneurship Companies do the hard yards for success after government assists with early hurdles

Austrade provide reliable information about markets, technology and business models to small and medium enterprises, accelerating industry growth and job creation.

Much of this information is akin to a public good, where its use by one enterprise does not preclude use by another.

This could cause it to be undersupplied and under-utilised without effective government action The Government has taken already significant steps to overhaul its approach to industry

assistance, focusing on the way business connects with government and the services that government offers businesses The Government is working to streamline access to essential information for all Australian

businesses, instead of generating a myriad of services and access points. Delivered through an improved business. gov. au website and hotline, the new Single Business Service will enable

and services they require. This includes information on regulations in Australia and overseas, information about market opportunities

flowing from free trade agreements and insights into business improvement strategies The 2014-15 Budget also contained new programmes to help established businesses grow and

ideas and lift the capability of businesses to capitalise on emerging opportunities. The aims of the

000 for small and medium enterprises to engage university or science agency (e g. CSIRO) researchers on specific projects

to facilitate connections with customers and investors; and •offer funding, on a highly competitive basis, to support activities such as proof of concept

This investment will ensure Australia can continue to advance world leading medical research projects and attract

productivity and economic growth Upgrading the skills of all types of workers including managers, is central to firm

performance in knowledge-based economies The quality of management is particularly important to enable quick adaption to

enterprises that cannot be met readily by the existing national training system. The Fund will prioritise assistance to SMES to position themselves to take advantage of new technology

innovative work practices, new and emerging opportunities, opening export markets and emerging economies. Larger companies may apply to access the Fund,

but will be expected to make greater contributions towards the cost of training. Although the Fund will not exclusively

mining equipment, technology and services; medical technologies and pharmaceuticals; oil and gas; and advanced manufacturing. The Industry Skills Fund will be

productive foreign direct investment. The Government is taking a Team Australia approach to support trade and investment through leadership of trade missions by the Prime minister

Innovative technologies help tasmania†s AQ1 systems compete in the world Specialising in optical and acoustic sensing

Corporation (EFIC) with an additional $200 million in capital in the 2014-15 Budget and is

refocusing EFIC to increase its capacity to finance small and medium enterprises. It also boosted

which will help small and medium enterprises increase exports. EFIC provides finance and insurance solutions to assist Australian exporters

or overseas investments where their bank is unable to provide all the support they need In addition, the Government has established the $50 million Manufacturing Transition Programme

sector investment in high value non-automotive manufacturing sectors in Victoria and South Australia; and support investment in non-manufacturing opportunities in affected regions

TPO00007 An action plan for a stronger Australia Industry Innovation and C om petitiveness A

with the right enabling environment, can be world leaders. Backing our competitive strengths and building on the Entrepreneurs†Infrastructure Programme, the Government

encourage organisations to work closely together to unlock commercial opportunities and reduce risk. Among other things, the Centres will encourage businesses in these industries

•mining equipment, technology and services •oil, gas and energy resources •medical technologies and pharmaceuticals;

The Centres will have the flexibility to provide services tailored to the needs of their industry.

•taking practical steps with governments to improve the regulatory environment •facilitating new commercial partnerships through supporting industry-led projects

innovative products and services •enhancing businesses†ability to enter global value chains and improving workforce

skills, building on the services available through the Entrepreneurs†Infrastructure Programme; and •developing annual industry knowledge priorities to inform the research sector of

industry needs and commercialisation opportunities Each of the five Centres will receive funding of up to $3. 5 million per year.

investment and bring new ideas to market This will address the lack of early stage

enterprises to develop the desired product characteristics. Specialist advice on intellectual property protection, marketing and exporting

and medium enterprises succeed in these markets. In addition, the Centre would work with regulators to improve the efficiency of

to co-fund commercialisation opportunities. The Government†s investment will be no more than 50 per cent and up to $1 million in project funding.

Funding will be provided on a competitive basis Success of the Centres will be measured by increased investment, employment, productivity

and sales, reductions in red tape, improved industry-research links and more businesses integrated into international value chains

approach to investment in science and research, areas of national strength and future need, and opportunities to improve the impact, focus,

and quality of Australia†s investment It will also focus on improving collaboration and commercialisation of Australia†s high

quality science and research output, including through improving connections between government, research organisations, universities and businesses.

by entrepreneurship and a flourishing start-up community (Decker et al, 2014. Indeed, many of the new jobs generated in OECD economies since the

global financial crisis were in small, young businesses Criscuolo et al, 2014 Entrepreneurs and start-ups are important for testing new ideas, developing

new products and implementing new business models (Carlino & Kerr, 2014 and international research suggests that companies in which employees

it taxes employees before they have the opportunity to convert their options to shares and realise any actual gain by selling the underlying shares

and stakeholders have noted that the changes detracted from the goal of commercialising good ideas in Australia.

succeeding and keeping Australian companies competitive in an international economy which includes giving entrepreneurial start-ups the chance to employ the best people

liquidity. The Australian Taxation Office will work with industry to develop and approve new standardised documentation that streamlines the process of establishing and

The Australian Securities and Investment Commission will also be consulted, given its oversight of disclosure documents involving the offer of financial

To encourage entrepreneurship and small business growth, the Government†s changes will mean, under certain conditions, the employees of eligible small start-up businesses will not pay tax on any discount

or early stage capital to help innovative start ups and other small enterprises develop. CAMAC (2014) recommended an alternative

regulatory framework be developed which could boost competitiveness and innovation by increasing the funding options available to entrepreneurs.

and personal services through to small building, fabrication and trade-based firms, and advanced activities such as software development and business consulting.

broadly through the economy. Enabling small businesses to reach their potential will therefore promote Australia†s competitiveness and prosperity

Their scale means they can find it more difficult to access capital or carry and spread risks themselves, they can find it more difficult to attract and retain

The Competitiveness Agenda is designed to provide a competitive environment in which any business, whether big or small, can succeed on its intrinsic merits, and the

impediments to entrepreneurship The Government is also adopting a set of Small Business Engagement Principles to assist

government agencies to engage effectively with small business to identify opportunities to reduce red tape and to develop initiatives to enable small business to thrive.

opportunities to reduce over-burdensome regulations and imposts will be identified and government agencies will better understand the impact policies and programmes

The Strategy is about strengthening the economy and delivering benefits to the community, including through less reliance on government, freeing up business

and more long-term investment. Standing still on economic reform is not a viable option Improving Australia†s competitiveness is essential

as the population ages and the mining investment boom fades. Australia needs to address the

competitiveness challenge if we are to successfully grasp the opportunities presented by the economic strength of Asia and integration of the global economy

While the Economic Action Strategy is wide-ranging, the Government is taking a methodical and purposeful approach to get reform right.

the building blocks needed for our future prosperity by prioritising investment over immediate consumption. The Government is deregulating the higher education sector, and funding major

To support open trade and investment, the Government has successfully concluded trade agreement negotiations with both Japan and South korea and will continue to

the Competition Policy Review and Financial System Inquiry. Over the next year, these two reviews will deliver the road maps for the Government to

•increase domestic and international competition to encourage greater quality and lower prices for the goods and services businesses and consumers depend on;

and •foster an efficient, competitive and flexible financial system, consistent with stability prudence and public confidence

On the big issues for competition policy, workplace relations and taxation, the Government has committed to major reviews.

•fostering innovation and entrepreneurship in our industries The Government will hold a series of stakeholder roundtables on the Competitiveness Agenda

around the country, over the coming months. Each roundtable will focus on one of these four

A lower cost, business friendly environment 1. Accepting trusted international standards and risk assessments The Parliamentary Secretary to

Ministers on opportunities to reform. The Government will use the cuttingredtape. gov. au website to invite submissions to identify

oversee stakeholder consultations to support implementation of this reform Late 2014 1b. Streamlining industrial chemicals assessments

stakeholders on the Regulator Performance Framework. The final Framework is expected to be released as part of 2014 Spring

range of stakeholders to better understand the compliance cost concerns of small business Late 2014

stakeholder consultations to co-design the proposed form of Australia†s Trusted Trader Programme Mid 2014 †late 2014

professional services investment The Department of Foreign Affairs and Trade will engage with relevant State and Territory

governments and the Law Council of Australia to encourage the removal of outstanding restrictions to professional service providers

range of stakeholders to better understand the impact of coastal shipping regulations 2015 TPO00007 An action plan for a stronger Australia

consult stakeholders to support implementation of these reforms Late 2014 †mid 2015 10. Improving the Vocational

significant stakeholder consultation throughout 2014 The Government will continue stakeholder consultation on proposed reforms to the VET

sector 2014 †mid 2015 11. Liberalising the subclass 457 visa programme The Minister and Assistant

consult stakeholders on changes to 457 visas and implementation of the 457 Integrity Review Late 2014

Expanding the investment visa programme The Minister for Trade and Investment and Assistant Minister for Immigration will

consult stakeholders on the implementation of the visa enhancements Late 2014 TPO00007 An action plan for a stronger Australia

Industry Innovation and C om petitiveness A genda Industry Innovation and Competitiveness Agenda 90 Industry Innovation And Competitiveness Agenda

Industry policy that fosters innovation and entrepreneurship 13. Establishing Industry Growth Centres The Minister for Industry will

consult with stakeholders on the implementation of Industry Growth Centres Late 2014 14. Boost commercial returns

will conduct stakeholder engagement to refine legislation prior to introduction Late 2014 †early 2015

will conduct stakeholder engagement on a potential crowd sourced equity funding regulatory framework Late 2014 †early 2015

ABARES Australian Bureau of Agricultural and Resource Economics and Sciences ABCC Australian Building and Construction Commission

BITRE Bureau of Infrastructure, Transport and Regional Economics BREE Bureau of Resources and Energy Economics

CAMAC Corporations and Markets Advisory Committee COAG Council of Australian Governments CSEF Crowd-sourced Equity Funding

SME Small and Medium Enterprise STEM Science, technology, engineering and mathematics VET Vocational education and Training

Australian Bureau of Agricultural and Resource Economics and Sciences Canberra: Commonwealth of australia ABS. 2012. Year Book Australia 2012, cat. no. 1301.0.

Balance of payments and International Investment Position, cat. no. 5302.0 Australian Bureau of Statistics. Canberra: Commonwealth of australia ABS. 2014e.

International Trade in Goods and Services, cat. no. 5368.0. Australian Bureau of Statistics. Canberra: Commonwealth of australia ABS. 2014i.

August 2014, from http://www. austrade. gov. au/digital-benchmark/talent. html#anchor12 Australian Chamber of commerce and Industry.

Australian Competition and Consumer Commission. 2014). ) Submission to the options paper Approaches to regulating coastal shipping in Australia.

scientific and technical services. Canberra: Commonwealth of australia TPO00007 An action plan for a stronger Australia Industry Innovation and C

Bureau of Infrastructure, Transport and Regional Economics. Canberra Commonwealth of australia BITRE. (2013a. Australia†s bulk ports:

Regional Economics. Canberra: Commonwealth of australia BITRE. (2013b. Infrastructure investment macromonitor. Bureau of Infrastructure, Transport and Regional Economics.

Canberra: Commonwealth of australia BITRE. (2013c. Infrastructure Yearbook 2013. Bureau of Infrastructure, Transport and Regional Economics. Canberra:

Commonwealth of australia BITRE. (2014a. Airport traffic data 1985 to 2013. Bureau of Infrastructure, Transport and Regional Economics.

Canberra: Commonwealth of australia BITRE. (2014b. Freightline 1-Australia freight transport overview. Bureau of Infrastructure Transport and Regional Economics.

Canberra: Commonwealth of australia BITRE. (2014c. Statistical report: Australian sea freight 2012-13. Bureau of Infrastructure Transport and Regional Economics.

Canberra: Commonwealth of australia Bloom, N, . & Van Reenen, J. 2010). Why Do Management Practices Differ across Firms and

Countries?.Journal of Economic Perspectives, 24 (1), 203-224 Boral Ltd. 2009). ) Boral submission to the Productivity Commission Review of Performance

) The Shifting Economics of Global Manufacturing: How Cost Competitiveness is Changing Worldwide. Boston Consulting Group

Bureau of Resources and Energy Economics Canberra: Commonwealth of australia BREE. (2014. Resources and Energy Quarterly-March Quarter 2014.

Energy Economics. Canberra: Commonwealth of australia TPO00007 An action plan for a stronger Australia Industry Innovation and C

Centre for International Economics. 2009). ) Benefits of Trade and Trade Liberalisation. Canberra and Sydney: Centre for International Economics

Centre for International Economics. 2014). ) Australia-Korea Free trade Agreement: Implications for Australia. Canberra and Sydney:

Centre for International Economics CLSA. (2011. Dipped in Gold. clsa Commonwealth of australia. 2010). ) Australia to 2050:

future challenges, 2010 Intergenerational Report. Canberra: Commonwealth of australia Commonwealth of australia. 2013, November 28. Regulation Impact Statement-Repeal of

The Role of Entrepreneurship in US Job creation and Economic Dynamism. Journal of Economic Perspectives, 3-24

Department of Environment. 2014, July. Impacts on Households and Businesses Fact Sheet Retrieved July 18, 2014, from Department of Environment:

http://www. environment gov. au/system/files/pages/59388d77-a9b5-4e4c-87b7-d732baf7c45b/files/factsheet

-impacts-households-and-businesses 0. pdf Department of Foreign affairs and Trade. 2014). ) Trade in Services Australia, 2012-13.

Canberra Commonwealth of australia Department of Industry. 2013a). ) Australian Innovation System Report. Canberra: Commonwealth of Australia Department of Industry.

Economist Intelligence Unit. 2014). ) The Learning Curve. Pearson Elborgh-Woytek, K.,& et al. September 2013.

Women, Work and the Economy: Macroeconomic Gains from Gender Equity. International monetary fund Elms, D. K, . & Low, P. 2013).

Importance to the Economy. Employee ownership Australia and New zealand Farquhar, S. 2014, February 18. Atlassian co-chief executive Scott Farquhar quoted in, †Keep

of China†s food demand to 2050, conference paper, 44th ABARES Outlook conference Australian Bureau of Agricultural and Resource Economics and Sciences.

Canberra Commonwealth of australia HM Treasury. 2013, April 24. Making corporate taxes more competitive. Retrieved September 2014, from gov. uk:

Review of the Demand Driven Funding System-Final Report KPMG. (2010. CGE Analysis of the Current Australian Tax system:

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plight of the small and medium enterprise business sector. Australian Tax Forum, 29 (2 217-247

Food Demand to 2050 Opportunities for Australian Agriculture. ABARES. Canberra: Commonwealth of australia Lloyd, P. 2007). 100 Years of Tariff Protection in Australia.

University of Melbourne, Department of Economics, Research Paper Number 1023. University of Melbourne Mayor of Chicago.

2012, February 28. Mayor Emanuel Announces New Partnership with Five Technology Companies to Create New Early College Schools

) Opportunity at risk: regaining our competitive edge in minerals resources. Sydney: Minerals Council of Australia National Science Board.

Tax policy Reform and Economic growth: OECD Tax policy Studies No. 20. Paris oecd OECD. 2011a. Strategic Transport Infrastructure Needs to 2030.

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