Gambling & Drinks Dominate Aussie Patents!

Gambling and alcohol giants accounted for the most patent and trademark filings in Australia in 2021, beating out the country’s national science agency and universities. While a slight drop in local patent filings occurred last year, experts believe that the persistent reliance on foreign technological innovation has led to a problem that needs addressing. Furthermore, the latest data has revealed that businesses holding patents tend to be more productive than other businesses, and that having additional trademark filings is linked to an increase in revenue per employee. The prominence of gambling and drinking organisations in patent filings is considered worrying, and experts believe that a wider cultural change is needed to increase domestic innovation in the private sector. The Albanese government aims to encourage more domestic innovation to address Australia’s economic challenges.