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Australia’s latest NAB Labs Business Innovation Index – which measures the way businesses do things differently – reports an almost five point increase, jumping from 59.8 in 2017 to 64.3 this year, notes the research team at NAB.

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“This was largely driven by Australia’s micro (1-19 employees) and medium (100-199) businesses.”

“NAB Chief Economist Alan Oster said: “It’s heartening to report not only do Australian businesses believe the “culture of innovation” in Australia improved significantly, when measured against actual behaviours, innovation is significantly higher than it was 12 months ago.”

“The rise in innovation aligns with robust levels of business conditions that we’re seeing in our Monthly Business Survey. However, there remains a strong emphasis on incremental innovation, like small improvements, rather than more radical innovations.”