Think HBR

From the editor

HBR clip
Innovation is one of the keys to success in modern business and this issue includes a feature on this important topic.
Whilst innovation has been a hot topic on the lips of business leaders and politicians for many years, the Hunter Region is increasingly putting words into action and building a reputation as an innovation hotspot.
Newcastle in particular has a wide range of new facilities and initiatives in place to encourage local innovation, with many more in the construction and planning stage.
As exciting as all these measures are, an even more exciting change is that of attitude by the broader business community, organisations and individuals across the region. Innovation is no longer seen as the domain of a small sector. Innovation is now not only being discussed extensively, but becoming an integral part of planning and most importantly being put into action. There are also levels of collaboration not previously seen. Newcastle has all the ingredients to be a focal point for innovation – a manageable size, a strong local university, good infrastructure, great lifestyle and much more.
With more and more of the region pulling together we certainly have the very real potential to fulfil these dreams and become an internationally renowned centre of innovation excellence.
In another ongoing subject, it was great to see some progress in reducing tax rates for businesses up to $50 million pa revenue to make us more competitive in the global marketplace but much more needs to be done in the area of tax reform.
We still need politicians with the foresight and courage to really grab hold of tax reform and make the changes that will benefit the whole country.
There are simply too many taxes, including some that simply make no economic sense in terms of gaining revenue for Governments with the minimum of damage to the economy.
Many compliance costs are excessive and more steps need to be taken in simplifying tax systems.
I know our major parties are scared to make major changes in fear of presenting a political target, but the time is well and truly past for a major overhaul to improve our competiveness and secure a stronger economic future for all Australians.
Garry Hardie
Publisher & Editor