The Global Innovation Index is a joint initiative of INSEAD (The Business School for the World) and WIPO (World Intellectual Property Organisation) and has established itself as a valuable benchmarking tool to facilitate, on a global level, a public-private dialogue that allows business leaders and other stakeholders to continually evaluate progress. The Index relies on the results of previous years and also incorporates newly available data and the latest research on the measurement of innovation.
In 2012, Australia has been ranked 23rd out of 141 countries. Australia came in behind (and these are listed in order) Switzerland, Sweden, Singapore, Finland, The United Kingdom, Netherlands, Denmark, Hong Kong, Ireland, The United States of America, Luxembourg, Canada, New Zealand, Norway, Germany, Malta, Israel, Iceland, Estonia, Belgium, the Republic of Korea and Austria.
In the context of the current uncertain economic climate, the economic policy debate is placing an increased emphasis on the development of an appropriate policy framework to foster growth and employment, while at the same time promoting sustainable public finances. Although innovation on its own will not cure the immediate global financial issues, it has been touted as a crucial element of sustainable growth.