Richard Hayes and I have just completed a 2007 update of the Innovation Index (with data now through to 2006). The following shows Australia’s relative performance and performance over time.

Macroeconomic performance is responsible for maintaining our relative position but neglect in terms of public expenditure on secondary and tertiary education and the share of R&D performed in Universities over the past decade is not helping. Indeed, we could be in the top 10 in the world if we adjusted those to the top quartile of OCED best practice.

Lots of fodder there for our innovation policy review panel.