*Excess cash in the world
*Growing inequality - Thomas Picketty
“The Australia of the future has to be a nation that is agile,
that is innovative, that is creative. We can’t be defensive, we can’t
future-proof ourselves. We have to recognise that the disruption that we
see driven by technology, the volatility in change is our friend if we
are agile and smart enough to take advantage of it.”
One can read many things into broad statements – which makes them
politically very attractive. I construct a new embrace of the innovation
economy and an outward focus on the world we live in. Not insularity.
Innovation, as a word in its original Latin roots, simply involves
being into the new. From Shakespeare’s time, however, it is more about
making change in something established. That is really what the
innovation economy is all about – rethinking what we do.
Disruption, also from the Latin, means to break apart. But it has
gained an oddly positive meaning in recent times. While the Cretaceous
period had velociraptors – deadly by speed – we now have business
disruptors. Both are carnivorous.
One of the items in our
submission on tax reform,
concerns a proposal for an Innovation Company. We have produced a
simple video that explains how it works. This is the first of four
videos we will release over the next few days as a lead up to the
AFR-KPMG Tax Reform Summit. This will be a particularly important event as Federal politics changes the settings for tax reform.
I hope you enjoy the
video, which ultimately may lead to an elimination of the Valley of Death.
