Innovatia

• creating an innovation ecosystem where companies have access to knowledge and expertise; • ensuring new ventures have access to ready capital, including through government- backed investment; and • taking a medium-to-long-term approach to developing Canberra’s economy that tran- scends the cycle of creation and destruction caused by squabbling between opposing ideologies. Key to the ACT government’s approach to fostering innovation has been creating a city in which people want to live. Canberra is a knowl- edge economy and the ability to attract the best and brightest minds is paramount. Our best resources will be found not in the ground but in our universities, research labs and technology parks. In that respect, the idea of Canberra as a society and not just an economy has been a core part of our thinking. That means citizens having access to affordable housing that doesn’t neces- sitate a two-hour daily commute. It means access to world class schools and universities. It means access to high quality, affordable medical care

when and where you need it, as well as bushland, parkland and urban open space. These are the things people regard as prerequisites for a full and happy life, and they’re the things we have focused on delivering. “Taking a global perspective on inno- vation is critical to an authentic perfor- mance evaluation.” On the commercial side, we have invested heavily in building an innovation ecosystem that provides access to programs and support, and brings together people from all areas of business – including, importantly, founders and investors. Early on, we established the Canberra Innovation Network (CBRIN) as an independent body to focus solely on building this ecosystem. This has proven to be a huge success. In 1997, the Canberra Business Development Fund was established, followed by the

Australian National University–MTAA Super Venture Capital Fund in 2004 and Significant Capital Ventures in 2016. Since 2008, we have addressed market failure at the pre-commer- cialisation stage by supporting Canberra’s start-ups and developing a pipeline of invest- able companies through the Innovation Connect program. More recently, the govern- ment invested $9.75 million over three years to implement the Priority Investment Program, which focuses on sector development by co-in- vesting in stimulus and innovation infrastruc- ture projects across key sectors. Its emphasis is on the local tertiary education and research sector and its specialisations and growth building assets, which are seen as the primary driver of long-term wealth creation and jobs in Canberra. In 2018–19, $5.2 million in funding went to five projects in the space, agri-technology, cybersecurity and renewable-energy sectors. In 2019–20, a further $2 million was directed towards three projects in the space, biose- curity and biodiversity sectors. Having the

highest payroll-tax threshold in Australia – the result of a two-decade tax-reform plan that began in 2012 – has also been important in bolstering Canberra’s economic foundations.

Business as usual will not be enough to gen- erate the level of growth needed to return the global economy to its pre-virus state. Fortunately, there are many actions forward-looking govern- ments can take during this time of economic rebuilding to position their economies for strong growth over the coming decades. Canberra has prioritised innovation for more than a decade, earning the title of Australia’s innovation capi- tal. Now is the time for all levels of governments across the world to be thinking about how to position innovation at the heart of their econo- mies, and everything that involves. Andrew James Barr is Chief Minister of the Australian Capital Territory. He has been a Labor Party member in the ACT Legislative Assembly since April 2006.

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