Australian Economy

Australian firms lagging global peers on innovation and pushing productivity lower: report

Australian businesses are lagging global peers on developing innovation to boost productivity, a new report suggests, supporting calls for an overhaul of the skilled migration program.

The Productivity Commission report, released on Monday night, found more skilled migrants would bring workers with broader management exposure and organisational experience than those based in Australia.

It also suggested poor managerial capability was partly to blame for low productivity growth, as was a low level of collaboration between government departments and between businesses.

Two-thirds of firms relied on new ideas to come from within their own ranks, the report showed, meaning Australia was lagging its global peers on productivity.

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