ACKNOWLEDGING the Federal Government’s Innovation Statement, the Institute of Public Accountants (IPA) is using its 2016 pre-Budget submission to encourage the Government to support innovative small to medium enterprises (SMEs).

“Australia needs sound public policy to be developed to encourage innovation amongst small to medium enterprises (SMEs)," said IPA chief executive officer, Andrew Conway.

“Around 10 percent of Australian businesses produce innovative goods and services, while between 16 and 21 percent innovate in their underlying business processes.

“Even if Australian SMEs are not the initial investors or innovators, they can still capture some of the value of innovations developed elsewhere.

“New-to-country, and particularly new-to-firm, innovations are often more economically important for improving national productivity.  Innovation policy should include measures to encourage the diffusion and uptake of existing innovations to a broad range of firms, as well as encouraging new innovations.

“Firms that can adopt continuous improvement methods to imbed incremental innovation can generate large productivity improvements.

“SMEs are an excellent starting point. Large firms often find it hard to change their business model to capture value, but SMEs can change them more easily.

“Accordingly, public innovation policy should encourage value capture and business model innovation more generally.  It is important that regulation helps firms capture value while balancing the benefits other firms receive from the wider diffusion of value.

“Talent not technology is the key.  Without addressing wider skills requirements, research indicates it is likely to create bottlenecks downstream in the innovation process.

“We believe that government plays an important role. They can provide strong research and development support, enabling better linkages between cutting edge universities and industry; provide support to firms to adapt existing technologies and innovation; and, encourage firms to develop their ability to search for new options, evaluate them and successfully implement and adapt them to their specific context,” said Mr Conway. 

For further detail refer to the IPA’s pre-Budget submission for 2016-17 on the IPA website at http://bit.ly/1PVGJX7

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies with more than 25,000 members and students in over 51 countries.  The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.  The IPA was recognised in 2012 as Australia’s most innovative accounting organisation and listed in the top 20 in the 2012 BRW Most Innovative Companies List. 

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PARLIAMENT'S Audit Committee has opened an inquiry into the reporting of major defence acquisitions, following the recent tabling of the Defence Major Projects Report (MPR)2014-15.

Committee Chair, the Hon Mr Ian Macfarlane MP, said that major Defence equipment acquisitions remain the subject of considerable parliamentary and public interest, in view of their high cost, contribution to national security and the challenges involved in completing them within budget, on time and to the required level of capability.

“This is the eighth MPR produced by the Australian National Audit Office and Defence and the Committee remains committed to seeing that, when it comes to Defence procurement, Australian tax-payers money is being spent wisely.” Mr Macfarlane said.

“The JCPAA’s on-going work has been very important in the MPR’s development.  Our efforts focus on increasing the transparency of defence procurement information, which contributes to greater efficiencies in current and future Defence acquisitions.”

Interested persons and organisations are invited to make submissions to the Committee’s inquiry by Friday, 11 March 2016.  Further information about the Committee’s inquiry, including details on how to lodge a submission, are available on the Committee’s website at: www.aph.gov.au/jcpaa.

A public hearing is scheduled for 17 March 2016.

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Around 240 Australian companies will take part in AUSBW, which will be held in America’s key commercial centres of Los Angeles, San Francisco, Chicago, Houston, Boston and New York.

“The US is the largest foreign investor in Australia and the source of much of the world’s commercial innovation and new ways of doing business,” Mr Robb said.  

“It is also the top destination for Australia’s foreign investment; since the commencement of our free trade agreement with the United States a decade ago, two-way investment has more than doubled to over $1.3 trillion.

“Through AUSBW, we are looking to reinvigorate an already strong relationship. In particular, AUSBW represents an effective platform to inspire US investors with Australia’s new $1.1 billion national innovation agenda,” he said.

In 2014-15, the US was Australia’s second largest two-way trading partner for services and third largest export market.  Australian firms exported about AU$20.5 billion in goods and services in that year.

“Australian business people from agribusiness and food science, resources and energy, medical technology, digital technology and tourism will have the opportunity of learning more about the US market, making personal contacts and informing US investors directly about the opportunities in Australia,” Mr Robb said. 

Mr Robb said his visit to the US comes just after Australia signed the Trans Pacific Partnership (TPP) agreement, a major new trade pact that will join together 12 economies representing 40 per cent of global GDP into a free trade zone across the Pacific.

“The TPP offers great benefits to the Australian economy in terms of tariff reductions and market access for services, so we are keen to see it ratified by nations such as the US, which after all is the key player in the global economy,” Mr Robb said.

AUSBW is part of the expanded series of Australia Week trade missions and promotional events that were funded in the 2015-16 Federal Budget. It will build on the success of the Australia Week events in China, India and Indonesia. 

It is also a key aspect of Australia’s economic and public diplomacy in the United States, which included the G’Day USA promotional program in 2016. 

Separate to AUSBW, Mr Robb will lead our first business mission to Havana, Cuba for discussions with local business figures and the Cuban Government about Australia’s capabilities in infrastructure, mining, energy, agriculture and education, as well as healthcare, medical research and tourism.

www.trademinister.gov.au

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THE Victorian Chamber welcomes the release of Infrastructure Victoria’s discussion paper Laying the Foundations.

“This represents a positive first step in setting Victoria’s infrastructure priorities for the next 30 years” said Victorian Chamber of Commerce and Industry Chief Executive Mark Stone.

The Victorian Chamber has been a strong supporter of the establishment of Infrastructure Victoria as an independent body to provide advice on key infrastructure priorities and projects.

“Through consultation, independent analysis and transparency, Infrastructure Victoria will play a key role in building a stronger consensus on the State’s infrastructure priorities among decision-makers, business and the wider community,” said Mr Stone.

"We welcome the fact that the consultation paper released today does not jump to conclusions. Rather, it seeks input from all parts of the Victorian community to identify the objectives that Victoria’s future infrastructure needs to address.

"This work in vital to ensuring that strategic infrastructure planning goes beyond the short-term political cycle. The Victorian Chamber looks forward to ongoing engagement with Infrastructure Victoria and the Government to define, prioritise and progress the long-term infrastructure needs of all Victorians."

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

victorianchamber.com.au

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