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Innovation, to embrace or displace, a choice before Australia

Innovation – to embrace or displace

Grant Wardell-Johnson provide insight to tax reforms and a proposal for Innovation Companies to embrace or displace.

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Leader, Australian Tax Centre

KPMG Australia

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I do not normally watch television, but I did on Monday night. The now 29th Prime Minister of Australia, Malcolm Turnbull, said

“The Australia of the future has to be a nation that is agile, that is innovative, that is creative. We can’t be defensive, we can’t future-proof ourselves. We have to recognise that the disruption that we see driven by technology, the volatility in change is our friend if we are agile and smart enough to take advantage of it.”

One can read many things into broad statements - which makes them politically very attractive. I construct a new embrace of the innovation economy and an outward focus on the world we live in. Not insularity.

Innovation, as a word in its original Latin roots, simply involves being into the new. From Shakespeare’s time, however, it is more about making change in something established. That is really what the innovation economy is all about – rethinking what we do.

Disruption, also from the Latin, means to break apart. But it has gained an oddly positive meaning in recent times. While the Cretaceous period had velociraptors – deadly by speed - we now have business disruptors. Both are carnivorous.

One of the items in our submission on tax reform, concerns a proposal for an Innovation Company. We have produced a simple video that explains how it works. This is the first of four videos we will release over the next few days as a lead up to the AFR-KPMG Tax Reform Summit. This will be a particularly important event as Federal politics changes the settings for tax reform.

I hope you enjoy the video, which ultimately may lead to an elimination of the Valley of Death.

And I hope to see many of you at the Summit.

Tax Insights

KPMG Australia's analysis of tax issues and developments.

 
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Tax reform: A focus on innovation

Tax reform: A focus on innovation

This video explores one of the recommendations contained in KPMG's Tax reform submission: the concept of an innovation company to attract investment.

Tax Reform

Tax Reform

KPMG is providing active analysis and insight to contribute to the reform process. Discover our latest thinking through our videos and publications.

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