PeterC:
need to invest less negatively gearing over-priced real estate and more on innovation and building businesses.
Off topic, but that is not going to happen without a complete reform of the Tax system and financial regulation.
Innovative businesses built in Australia do exist, but unfortunately their business strategy almost always involves being bought out by a foreign competitor.
The latest, yesterday, was Hydrawise - an australian manufacturer of an innovative irrigation controller that connected to the internet, it adjusted irrigation levels according to real time weather information from your nearest weather station, you adjust your irrigation via a web page/subscription service from anywhere in the world and you could turn your irrigation on/off via an iPhone App.
…….Got the email yesterday, its just been sold to Hunter international (USA).