A key platform of the Smart State Strategy is the investment in and promotion of research and science to maximise opportunities for the commercialisation of new ideas by our industries, universities and research institutes. The importance of investment in this area is recognised by the Organisation for Economic Co-operation and Development (OECD) which has estimated that innovation accounts for more than 50 per cent of long-term economic growth in advanced industrial countries.
Business expenditure on research and development has been growing rapidly: Queensland business investment in R&D has been accelerating and grew by 135 per cent between 1999-2000 and 2004-05. This contrasts with a 100 per cent increase for the rest of Australia over the same period.
Queensland's knowledge-intensive exports grew by 68 per cent between 1998-99 and 2004-05: This rate was much faster than Australia's 41.9 per cent growth.
