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This report of the Review of the National Innovation System recommends that steps be taken to stop the decline in Australia’s economic performance and to use the opportunity provided by the nation’s recent prosperity to develop a more innovative and productive society. The report provides the rationale for the study, noting the rapidly changing nature of innovation and highlighting the corresponding need to update Australia’s existing national innovation system and policy. A key task for the Review was to identify a set of National Innovation Priorities to complement the broad National Research Priorities already in effect. To this end, the Review Panel engaged in widespread consultation with industry groups and other parties around the country, and used this intelligence to identify areas for attention in terms of those under the direct control of the public sector and those whereby public innovation could overlap with complementary private sector innovative efforts. To manage and coordinate these priorities with those for research in public innovation programs, it is recommended that the proposed new National Innovation Council (NIC) be charged with ongoing evaluation and identification of synergies across programs. The Review process revealed shortcomings in the institutional framework that underpins the innovation system. The Review has recommended the following actions: (1) the creation of a ‘central brain’, the NIC, to achieve the coherence, flexibility and responsiveness necessary for effective innovation policy; (2) a framework of principles for innovation interventions for adoption by federal, state and territory governments to maximise the impact of public investment in innovation; and (3) the establishment of a National Centre for Innovation Research to enhance the rigorous and consistent evaluation of innovation programs. Show less