For the first time in 2005, the health and community services industry sector outperformed all others with a 23.8 per cent incremental increase on its 2004 score, and demonstrating an increased focus not just in R&D and trademarks, but also in organisational, managerial and marketing initiatives. Coupled with this, there has been an increased focus on the use of technology as an enabler of service delivery and efficiency gains.
This well balanced innovation portfolio looks set to deliver greater client value in the years ahead, the index noted.
The Committee for Economic Development of Australia (CEDA) CEO, David Byers, said innovation will be at the core of 21st-century economic development.
Byers said it drives the competitiveness of firms and organisations in the global economy, and the quality of both private and public services.
"This index shines the spotlight on Australia's national ability to innovate. It shows us new ways to measure innovation and thus to start nurturing and expanding our innovative capacity," he said.
The launch of the index has been scheduled to coincide with the 2007 .Australian Innovation Festival from April 26 to May 27, 2007.
The festival highlights the best of Australian innovation with hundreds of events ranging from seminars, exhibitions and networking functions to competitions and workshops, in every state and territory.
It aims to promote the importance of sustaining a culture of innovation in Australia.
Festival chair, Peter Westfield, said the index is a timely and significant contribution to better understanding innovation as the key driver for economic activity.