Australia: Business innovation levels rebound - NAB

Australia’s latest NAB Labs Business Innovation Index – which measures the way businesses do things differently – reports an almost five point increase, jumping from 59.8 in 2017 to 64.3 this year, notes the research team at NAB.

Key Quotes

“This was largely driven by Australia’s micro (1-19 employees) and medium (100-199) businesses.”

“NAB Chief Economist Alan Oster said: “It’s heartening to report not only do Australian businesses believe the “culture of innovation” in Australia improved significantly, when measured against actual behaviours, innovation is significantly higher than it was 12 months ago.”

“The rise in innovation aligns with robust levels of business conditions that we’re seeing in our Monthly Business Survey. However, there remains a strong emphasis on incremental innovation, like small improvements, rather than more radical innovations.”