Innovative businesses show greater productivity, study shows

BUSINESSES chasing innovation were more than twice as likely to improve productivity as those that didn't, new government data shows.

The Australian Bureau of Statistics business characteristics figures show productivity improved for a third of businesses that "innovated" in 2011-12.

Innovation was defined as new or improved good or services, operations, marketing or management changes.

But only 14% of businesses that did not actively pursue innovation in 2011-12 had any improvement in their productivity.

ABS Andrew Puljic said those businesses actively pursuing new products or ways of doing business were also more likely to report a rise in the number of new jobs and profits.

The data also showed 18% of all Australian businesses sought debt or equity finance in 2011-12, with the vast majority (88%), getting the finance.

Topics:  business innovation

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Byron solar train stays on track

ROLLING: Byron Bay Railway Company's solar train.

Solar train stays on track in Byron Bay

Byron Bay are finals bound

PITCH PERFECT: Byron Bay's Levi Shouldice took 5-42 against Lennox Head on Saturday.

Byron head for cricket finals.

Boardriders season finally catches a wave

BIG WIN: Bryce Cameron wins the men's open at the Boardriders meet.

Waves arrive for Boardriders kick off

Local Partners