The country is plummeting in the global rankings of innovative nations and risks becoming a low-paid, services economy unless it reconsiders investment in deep tech.
Otherwise, we risk becoming a low-paid, services economy and supplier only of primary or simple products to the rest of the innovating world.But doing so will require scaling deep tech manufacturing small to medium-sized enterprises that produce the type of unique, sophisticated and high-value products that drive economic complexity.
In fact, the production line itself is often highly specialised and may even be as patent-protected as the final product. Each new anchor point and extra dollar of investment makes the company even stickier to Australia, while significantly improving the assets on the company’s balance sheet.The complex products produced by deep tech manufacturing scale-ups open up diverse export markets.
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