The SERD report's proposed National Innovation Council cannot direct Ministers across thirteen portfolios. Section 64 of the Constitution vests that authority in individual Ministers. This Insight proposes an alternative: a Cabinet-level coordination mechanism paired with a statutory Innovation Commission for independent research on innovation and industry economics, complementing the Productivity Commission's efficiency analysis and IISA's continuing R&D Tax Incentive admini

The Denholm Review presents Australia’s innovation system as a reinforcing flywheel coordinating research, firms, and growth. This Insight challenges that framing. It argues that the central constraint is the absence of strong market formation, capital depth, and global integration. Without these, policies risk improving internal coherence while failing to generate globally competitive outcomes. The question is whether Australia is building a system it can manage, or one that