No need to shift economic base

“Across regional Australia there is an emergence of start-ups, business accelerators, co-working spaces and entrepreneurial hot spots,” the report states.

“Some of this activity is connected with our traditional Research and Development (R&D) system, but much of it is occurring in areas which are less connected to traditional R&D institutions.

“This update to the Regional Australia Institute (RAI) [In]Sight – Innovation index is a big step towards better understanding regional innovation.

“It combines and contrasts traditional measures of innovation focused on R&D and Science, with a new approach that seeks to measure the commercial innovation environment in a region – the region’s Business Dynamo.

“Knowledge-intensive business services (KIBS) – from legal and accounting, to design and marketing – are one indicator of a rich and innovative local business network and a key measure of emerging innovation capacity in many of these regions.

“Regional places including Bunbury (WA), Byron (NSW), Gladstone (Qld), Wodonga (Vic), Mt Barker (SA) and Launceston (Tas) all show emerging capability in KIBS.

“The concerning contrast to this great news is Australia’s old industrial centres. These areas have lost many businesses and jobs over the last 20 years.

“They are also among the worst performers in terms of innovation in regional Australia.

“Places like Playford, Wakefield and Port Pirie (SA), Glenorchy (Tas), Broken Hill (NSW) and Mildura

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