Are you yarning yet? You will if you read Knowledge + Innovation + Wealth. It's by the Australian Institute for Commercialisation (AIC) and the Business Council of Australia (BCA). On the other hand, it may be the paper is a realistic mirroring of the sleepy state of innovation policy in Australia.
If you fell into a coma in 1997 and came out in 2007 you'd find little improvement in the policy. Most positive changes in innovation policy developmentat at the Local, State or Federal level seem to have been reactions to developments elsewhere or abroad rather than proactive.
There's been some positive changes in Australia. Laws and tax rates for venture capital have improved. There's been cultural changes, more people energised and focused on business than decades before. There's increased online availability of information resources. There is even more interest in commercialisation than ever before in Australia.