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The Knowledge Nation Taskforce was established by the Leader of the Federal Opposition, Kim Beazley, at the Australian Labour Party (ALP) National Conference in August 2000 to develop an action agenda for developing Australia as a knowledge nation. Members of the Taskforce were drawn from Australian education and research institutions, policy experts and economists from the knowledge sector, business leaders from the information and communications technology (ICT), biotechnology and sustainable technology industries, and parliamentarians with an interest in developing Australia's knowledge potential. This action agenda is designed to define the knowledge nation and propose broad strategic goals to lead policy development for State and Federal governments over the next decade. The report details how, in a changing world economy where knowledge is the most important factor, Australia is falling behind the world's most economically successful nations. It then proposes several recommendations to develop Australia's knowledge capabilities and to ensure that all citizens can participate and benefit from the outcomes. The recommendations relate to government leadership and commitment, the creation of an inventory of existing knowledge resources (cadastre) in order to optimise their use, increasing, targeting and commercialising Australian research and development, developing key industries, improving education and training systems, policies to encourage access to information, cultural development, retention of research expertise, and new government structures to implement change.