The TIAC report concluded that a central challenge for State Government policy was to use the increased access to global markets and information sources made possible by the new economy to offset the impact of global consolidation on the structure of the economy.
In particular, TIAC recommended a strategic, whole-of-government approach to industry policy, systematic programs to increase the number, scale and impact of globally oriented firms active in the State, initiatives to build the Western Australian innovation system, and programs to generate increased leverage off national policies.
The TIAC report said the State Government already operated programs in many of these areas, but while detailed reviews of these had not been undertaken, the programs appeared to be extensive in number and diverse in objectives, generally of small scale and only loosely coordinated with one another.
In a world of global competition, TIAC said, industry policies needed to be closely targeted to specific objectives, and to be of substantial scale in relation to those objectives, if their effectiveness was to be assured.
Mr Barnett’s report in part concluded that the State Government did not have a sound policy for entrepreneurship and venture capital in WA. This was of concern, given that WA and the Northern Territory seem to be the only States in Australia that lacked government direction in this regard.
Mr Barnett said, at the very least, the State Government should consult with industry and academia in WA on policy direction with regards to entrepreneurship and venture capital and it must be supportive of industry and edu-cation initiatives to better the State’s efforts.
