26 September 2023

IP reports on changing economy

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IP Australia has launched a report offering insights into how the changing economy is impacting innovation, R&D spend, and new technology adoption.

Launching its Australian IP Report 2023, the Agency said its report analysed trends in technology, commercialisation and trade, using the latest intellectual property (IP) statistics.

“Previewing new research from the Reserve Bank of Australia, this year’s IP report offers insights into how the changing economy impacts innovation, R&D spend, and new technology adoption,” IP Australia said.

“It explores the IP system’s role in supporting Australians through creation of high paying jobs, harnessing workforce diversity, and fostering economic growth.”

It said the report found businesses that registered IP rights were on average more productive than other businesses – up to 30 per cent higher productivity with a patent or design right.

The Agency said each additional trade mark filed was linked to an eight per cent increase in revenue per employee, and small and medium Australian organisations holding a patent tended to pay an 11 per cent premium to their employees, and had higher levels of employee retention.

“Australia’s IP holding businesses account for around 35 per cent of Australia’s Gross Domestic Product (GDP), employ 2.6 million Australian workers, invest more than $6.4 billion in research and development (R&D) each year and account for 51 per cent of Australia’s total exports,” IP Australia said.

IP Australia’s 90-page report can be downloaded at this PS News link.

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