PM’s Prize highlights importance of innovation

“It is crucial that we do what we can as a nation to encourage these fantastic innovations and equally as important that we provide an overall innovation system that allows us to turn brilliant ideas into commercial and economic success stories.”

Bill Ferris AC, Chair of Innovation and Science Australia, congratulates Professor Michael Aitken AM on receiving the Prime Minister’s Prize for Innovation 2016.

“Professor Aitkin is richly deserving of this award for his work in developing SMARTS, a world-leading financial services technology that analyses stock market trades to reduce fraud and increase efficiency.” Mr Ferris said.

“The award recognises the dedication of Professor Aitken and his colleagues at the Capital Markets Cooperative Research Centre. Professor Aitken’s work is an excellent example of the potential for innovation to deliver tangible economic and social benefits to the nation.”

“I am excited to hear that Professor Aitken is turning his attention to improving health, mortgage and other markets. Health in particular is an area where driving greater efficiencies could allow us to better direct our resources in achieving significant improvements in health outcomes for Australians.” He said.

Mr Ferris believes that Professor Aitken’s success also highlights the important role played by Cooperative Research Centres, or CRCs, in spurring on the development of Australian innovations and realising the benefits of bringing new products and services to market.

The CRC programme is a competitive, merit-based grants programme that supports industry-driven multi-year research collaborations. The programme brings together industry, universities and research organisations to conduct and commercialise leading-edge research, such as Professor Aitken’s. Innovation and Science Australia is responsible for the oversight and operation of the CRC programme.

“Innovative solutions, such as Professor Aitken’s, demonstrate the twin benefits of innovation; establishing the commercial opportunities that drive economic growth and providing direct and significant value to society, in this through reduction in fraudulent activity.”

“It is crucial that we do what we can as a nation to encourage these fantastic innovations and equally as important that we provide an overall innovation system that allows us to turn brilliant ideas into commercial and economic success stories.  Our CRCs are a vital asset in achieving this and promise to deliver outcomes great results for Australians well into the future.” Mr Ferris said.

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