Diversification through innovation is key to Business Growth

Increasing innovation through research and development (R&D) will drive better business performance and productivity growth, and ultimately lead to a wealthier. and healthier community.

Over the next year Government will actively enable businesses to increase their investment in innovation by providing firms with access to R&D grants, technical knowledge and product development and commercialization expertise.

Innovation is one of the key ways in which we can diversify our economy. New products and services enable innovations to occur and open up a broader range of market opportunities, enabling our businesses to be more resilient to economic shocks over the long term.

Successful innovation improves competiveness, increases our output, drives productivity growth, and creates successful exports by introducing new or improved products, processes, or methods into the economy. Our aim is to create the conditions that allow businesses to be ambitious and innovative.

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