Australia must implement “directional” industry policy that utilises clear goals, a diverse mix of policy and strong governance to take full advantage of structural changes like decarbonisation and emerging technologies.
That’s according to a new report by the Centre for Policy Development that analysed increasingly interventionist industry policies around the world as government’s move beyond a “hands off” industry philosophy.
The report found Australia’s current approach has over 30 different national industrial priorities, often pulling in different directions and lacking the overarching direction and coordination of some rival efforts in the US, Europe and parts of Asia.
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Much of this commentary is aligned to the long-term efforts of Goldsworthy Advisory and the Business Higher Education Round Table. Given Australia’s capital intensity/capacity, adopting a more nuanced approach to Industry 4.0 is not only sensible but strategic. Improving Australia’s economic complexity through ecosystem development, knowledge diffusion, IP management, and value chain capital allocation is both necessary and critical.