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This article discusses the concept of innovation and the reason behind its growing interest among policy makers and business and industry leaders. The author suggests that in the global knowledge economy, ideas and a nation's ability to generate, develop and commercialise them is becoming hard currency. Included in the article are the contributions made by the Australian National Training Authority (ANTA) and the vocational education and training (VET) sector to a more innovative Australia and the author concludes that in a global, knowledge-based economy, the choice is between innovation or extinction.