Refocus the designated growth centres on industries of the future, by including information technology and renewable energy
Lets not forget FinTech. Financial Services are an incredible job and cash centre for Australia but needs to reinvent itself to grow globally and become the replacement exporter. In a digital world where banking exists as zeros and ones, no where is govt support more important
ICTs (including infrastructure platform technologies), new and advanced materials, and the drivers of energy revolution (which include the exploitation of renewable energies) are all enablers of new industries - within this continuum, we should be seeking to identify gaps in overseas markets and selecting a diversified basket of defined product systems, the enabling technologies of which government, industry and business can co-invest for the long term. With a diversified investment policy, 'picking winners' becomes a process of investing in a range of product system opportunities, in the expectation that several of those selected will become 'world beaters', with others not making the grade.
Hear, hear! Innovation cannot be confined only to the predefined growth sectors - renewable energy and information technology are key.
Modernize the thinking - absolutely agree. Support growth centres that encourage innovation and develop local supply chains and local industry growth.
This is absolutely critical if we are to compete effectively
absolutely agree lets look to the future, I would throw space industries into the mix also.
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