Australia: Innovation, pragmatism, common sense
A culture of self reliance and an emphasis on solving problems have combined to create an climate in which innovation thrives; enlightened government policies in supporting education and R&D have also made an important contribution to fostering such a climate
Australia is known for its can-do approach to problem solving. Other societies and cultures may be prone to navel gazing, but the Aussies — living in a country which is remote, isolated, vast, sparsely populated, and with a harsh climate — have viewed such self indulgence as a luxury they could not afford.
A culture of self reliance and an emphasis on solving problems have combined to create an climate in which innovation thrives. Enlightened government policies in supporting education and R&D have also made an important contribution to fostering such a climate.
This is why we have written so many stories about Australian companies and technologies — many more Australia-related stories, in fact, than stories about companies operating in countries and economies much larger than Australia.
In this Report we highlight some innovative companies and their products, and reproduce some of the stories we ran in the last few months in HSNW, inviting our readers to appreciate how innovative and dynamic the Australian technology sector is.
The state of the Australian economy
The Australian economy grew a surprising 0.6 percent in the last quarter, pulling the country clear of any lingering threat of recession. Wall Street Journal’s James Glynn writes that the good news created pressure on the Reserve Bank of Australia to raise interest rates within the next few months.
From a year earlier, gross domestic product grew the fastest pace — 0.6 percent — among the globe’s 33 advanced economies, according to Treasurer Wayne Swan. It appears from data in early September that the global meltdown slowed Australia’s economy only momentarily, with strong consumer demand, solid growth in China, hefty policy stimulus, and resilient business investment supporting demand.
The economy grew a seasonally adjusted 0.6 percent from the first quarter, the Bureau of Statistics said. This is the fastest pace of quarterly growth since the start of 2008. The result easily beat economists’ forecasts, which centered on 0.2 percent, and built on growth of 0.4 percent in the first quarter.
Glynn writes that economists said the pace of expansion vindicated the aggressive economic stimulus put in place to combat the global crisis, but also highlights the need for policy makers to begin swiftly winding down the efforts. Stimulus plans valued at about AUS$70 billion (US$58.66 billion) were implemented in the crisis.
Swan said there is still a need for fiscal stimulus to remain in place for now, but added, “The prospect of a gradual pickup in private-sector activity will allow
