2009-03-31T11:53:17+08:00

26 <img src="/content_images/253/gr_clint.jpg" alt="/content_images/253/gr_clint.jpg" hspace="10" vspace="10" align="left" />The current global crisis continues to shake and reshape the business landscape on a daily basis, and whether you are drawing on Wall Street, internet blogs, the newspaper or simply your business strategy meeting, there is an enormity of knowledge and intelligence to digest, comprehend, believe or ignore.  At the Australian Business Foundation, we find that our body of research identifies the soft signals and fresh intelligence that can provide business with new knowledge and understanding in these turbulent times. The latest research launched by the Australian Business Foundation “Global Connections – a study of multinational companies in Sydney”, draws on 85 case study multinational companies with offices in Sydney.  The study suggests the global economic crisis will affect the operations of multinationals with likely cutbacks in Sydney and the Asia-Pacific. The project highlights the urgent need to revitalise investment promotion initiatives and to ramp up connections and collaborations between Sydney operations of multinationals and local organisations.  The Foundation’s research illustrates that innovation is a vital tool for attacking the global recession before the recession attacks us. Innovation is the chief weapon in the productivity revolution called for by Prime Minister Kevin Rudd, even when focused on the urgent need for short term stimulus measures to add to immediate demand. Injecting economic stimulus though a nation building plan to support growth and jobs in the short term and in a manner which allows the Government to prosecute a long-term strategy of economic reform to build long term productivity growth. Speech by Kevin Rudd, the Prime Minister of Australia on 3 March 2009 on policy action in response to the global economic crisis. To secure productivity benefits, action must go to boosting innovative practices directly in business enterprises and workplaces. The yardstick is not just more business R&D or more research funding for universities, but a critical mass of innovative Australian businesses and workplaces competing globally. They must be able to manage the risks of innovative endeavours and to apply their leadership, management and workforce skills and capabilities to continually adapt and respond to customer and market needs with globally competitive business offerings. Action is needed to prepare for the upswing. Stimulus measures are designed to add to immediate demand, but they need to be more than ‘one trick ponies’, and be capable of leaving legacy benefits, namely enduring skills and capabilities that Australia can leverage in an upswing. For example, some of the spending on infrastructure should seed new technologies and capabilities in Australian firms by subsidising the costs of searching and testing more innovative, and therefore risky materials or designs for green buildings or intelligent transport systems. Further, some of the stimulus measures should be directed beyond physical infrastructure to investing in skills, education and knowledge services. In short, get an innovation and productivity yield from money that is being spent anyway to add to demand. Spend more, spend better. Clint McGilvray Manager External Relations Australian Business Foundation

2009-04-06T00:00:00+08:00

2009-04-03T13:23:53+08:00