WHAT INNOVATION MEANS TO STATE AND REGIONAL DEVELOPMENT

WHAT INNOVATION MEANS TO STATE AND REGIONAL DEVELOPMENT 

 

New South Wales is maintaining its world leading edge through the convergence and innovation of modern industries.

Take the interdependence of three sectors in which the State is an Australian leader - ICT, financial services and digital media.

ICT employs over 120,000 people in NSW - 35 per cent of the nation's total - and we lead Australia in ICT research capabilities, with the headquarters of a range of ICT-related research facilities including National ICT Australia (NICTA).

ICT is providing the technology platforms that drive the growth of industries like financial services, according to Invest Australia. Today, Sydney's financial services workforce is nearly half the size of London's and more than one-third the size of New York City's.

Convergence of the ICT, entertainment and creative industries has also seen Sydney develop a reputation as Australia's digital media and film post production hot-spot, and grown international leaders such as Animal Logic.

This convergence of smart industries is lifting business innovation to new levels and keeping NSW at the cutting edge of global competition.

NSW industries are leading the way on investing in their future, with business expenditure on research and development in 2004-05 reaching an all time high of $3.157 billion.

Loftus Harris, director general,
NSW Department of State and Regional Development

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