Abstract

Australia has vitally identified the benefits of innovation in past few years. The Country is ranked among the top nations in OECD. They are currently working on developing the infrastructure of Research and Development sector of the Country as well as reinforced themselves in developing their Information and Communication technology. Thus, the Country has identified the importance of innovation and how its components can help in achieving increased economic growth. Innovation is the inventive or new ways a company or country adopt to carry out its processes in a more efficient manner.

The incorporation of innovation in the processes of economic development through production or other ways lead to higher profitability and broader use of the available resources in an efficient and advanced way. Thus, the purpose of the following research is to analyze innovation as an economic driving force in Australia. For the fulfillment of this purpose, the researcher carried out a quantitative research under which 5-points Likert scale was designed that include questions relating to the various identified components of innovation as the independent variable and economic growth as the dependent variable. The survey was circulated among 219 executives that are working in different sectors of Australia to understand their opinion. The results through multi-regression model depicted that innovation and technology have a significant impact on the growth of Australian economy. 

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