Less than half of Australian businesses are now considered innovation-active, according to new biennial data that reveals a tough economic environment is drying up the funds and skills needed for new ventures within firms.
This innovation-active measure captures the introduction of new goods, services, or processes in addition to innovation that was under development or was abandoned during the reference period.
Released on Thursday, the results of the Australian Bureau of Statistics (ABS) business characteristics survey show that 46 per cent of businesses reported being innovation-active in the two years to the end of June 2023.
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