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Purpose 2: Growing business investment and improving business capability

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This purpose is to build a diversified, flexible, resilient and dynamic economic base that can identify and adapt to new markets and emerging opportunities. It will drive Australia’s future prosperity and continued jobs growth by supporting the transformation of existing industries and the growth of new ones, enabling access to new markets and improving competition in existing markets.

Our aims are to:

  • work with industry to support businesses to build the capability (including digital) necessary to achieve profitable and sustainable futures
  • encourage innovation and investment in growth sectors to underpin industry transformation
  • support economic development in northern Australia
  • work collaboratively across government to open up resources and other export markets
  • work nationally and internationally to attract private sector investment.

The department works to achieve this purpose through:

  • Activity 2.1: Competitive marketplace
  • Activity 2.2: Business and market development
  • Activity 2.3: Economic transition
  • Activity 2.4: Resources
  • Activity 2.5: Northern Australia development.

Performance measurement and assessment

This table presents the performance criteria used to measure the intended results of Purpose 2

Intended results of Purpose 2

Performance criteria

Growth in new private sector investment

  • Annual private business investment growth

Increased foreign direct investment in Australia

  • Foreign direct investment as a share of annual GDP

Improved management and organisational capabilities in Australian businesses

  • Proportion of businesses with a strategic plan in place
  • Proportion of businesses monitoring Key Performance Indicators
  • Proportion of businesses that have introduced or changed a digital business strategy

Improvement in Australia’s ranking in international performance indices

  • Australia’s ranking in World Bank ease of doing business index
  • Australia’s ranking in Global Innovation Index
  • Australia’s ranking in the Global Entrepreneurship Monitor indicator of total early-stage entrepreneurship activity (TEA)