1. SMART STATE STRATEGY MICHAEL TENNANT Principal Policy Advisor Smart State Strategy Unit Department of the Premier and Cabinet Michael.Tennant@premiers.qld.gov.au www.smartstate.qld.gov.au March 2005

2. The Smart State Vision The Queensland Government has a vision of a State where knowledge, creativity and innovation drive economic growth to improve prosperity and quality of life for all Queenslanders

3. The Smart State Brand ‘Queensland the Smart State’ ‘Sunshine State’ compared to ‘Smart State’ ‘Smart State Brand’ compared to ‘Smart State Strategy’

4. The Smart State Strategy Innovation and skills strategy Centrepiece of Queensland Government’s broader economic development strategy Complements the Government’s: –investment in infrastructure to support private sector investment & development –sound fiscal environment –efficient tax & regulatory framework

5. Relationship Economic fundamentals Productive Capacity Smart State Strategy Human Capital Innovation Regulatory reform Industry efficiency Capital infrastructure Sound fiscal environment Commercialisation Research & development Employment programs Education & training

6. Why are we doing it? To maintain & strengthen our economic growth Innovation & skills are the primary drivers of productivity Productivity improvement is the primary driver of sustainable economic growth Sustainable economic growth is the driver of economic prosperity Economic prosperity is the driver for a better quality of life

7. What’s the urgency? Can’t compete with low labour cost countries Need to maintain & strengthen competitiveness of our established industries & exports Need to broaden economic base beyond historical reliance on coal, minerals, agriculture and tourism Need to reposition ourselves so we can compete with knowledge economies Need to strengthen & broaden our economy to cope with a rapidly growing population Need to use innovation to better manage and use our limited natural resources Need to maintain and increase jobs in existing industries, create more jobs with higher salaries and create new jobs in business & industries of the future