Innovation will drive Australian economy

Australian firms will have to change their business models to take advantage of the next technology wave says Deloitte’s chief strategy officer for Australia and Asia John Meacock.

He says, there is a growing role for government in reducing regulation and compliance to help ‘create ecosystems’ where new businesses can flourish.

‘The Australian economy is in transition. We are moving from a heavy reliance on commodities towards an economy that is far more knowledge based and services based and we are having to compete more on knowhow and capability than natural resources,’ says Meacock who is also on the financial services giant’s Innovation Board globally.