Driving a $40 Billion NT Economy by 2030: The role of innovation

Developing Northern Australia Conference

Martin Redhead, Director of Business Innovation in the Department of Industry, Tourism and Trade spoke at the  Developing Northern Australia Conference about how the Territory Government is ensuring that Territorians are well supported to use innovation as a tool to secure the benefits of the 4th Industrial Revolution in a COVID impacted economy to generate growth in private sector jobs, profitability and investment in the Territory and deliver an economic step change for the Territory.

Innovation driven activity accounted for 50% of economic growth in the OECD in 2016 and the 4th Industrial Revolution will account for $60 trillion dollars (a third of global corporate revenue) of new value by 2025. The sustainable economic benefits of innovation with organic clusters of businesses and research institutions is delivers a job creation rate in 2.25 times faster than that of other businesses.

Martin's full presentation at the Developing Northern Australia Conference can be viewed below.

Article last updated on 3 March 2022