7 Key Findings from the 2024 Australian IP Report
Published annually, the Australian IP Report presents recent statistics and research on the use of registered IP rights in Australia. The 2024 report considers the uses of IP in the innovation process, from invention through to commercialisation. Unsurprisingly, the report also highlights the significant role that IP plays in fostering innovation, economic growth, and technological advancements. In this article, we explore seven key findings from the report.
1. Patent Filings: A Shift Amid Economic Challenges
Despite global inflation and tightening financial conditions, patent filings by Australian residents grew by 2.4% in 2023. However, standard patent filings fell by 2.4%, driven primarily by a reduction in filings from non-residents, especially US firms, which were sensitive to economic shocks. In all, 31,515 standard patent applications were filed in Australia in 2023, with 91.9% being from non-residents. There was also a decline in patent grants, dropping by 5.1%.
2. Growth in Trade Marks and Design Rights
There was significant growth in trademark and design applications in 2023, with trademark filings increasing by 7.2% and design filings reaching a record level, growing by 11.5%. Australian residents contributed significantly to this growth, with a 9.8% rise in trade mark filings, indicating a robust domestic entrepreneurial activity.
3. Emerging Technologies and Clean Energy
Australia continued to solidify its position as a key destination for patents related to clean energy generation and storage. Among 19 major economies, Australia is the second fastest-growing destination for clean energy-related patents. This growth aligns with Australia’s strategic focus on renewable energy technologies, electrical machinery, and semiconductors, which saw a 17.7% increase in filings in 2023.
4. SMEs and IP
Small and medium enterprises (SMEs) continue to play an increasingly vital role in Australia’s IP ecosystem. SMEs that file for IP rights are 16% more likely to experience high employment growth compared to those that do not file for IP rights. Additionally, the number of Australian SMEs holding patents has increased at five times the rate of SMEs in the broader economy over the last two decades.
5. Collaboration and Commercialisation
Collaboration is identified as a critical driver of patenting activity and innovation. Firms granted patents are more likely to engage in joint R&D and commercialisation efforts, underscoring the importance of collaboration between universities, startups, and larger corporations. Startups that employ PhD graduates are nine times more likely to eventually secure a patent, highlighting the significance of specialised talent in fostering innovation.
6. International Patenting Trends
US-origin patent filings declined by 5.9% in 2023, attributed to economic conditions in the US. In contrast, Chinese patent filings increased by 13.1%, driven by the country’s focus on semiconductors and strategic technologies. Australia continues to be a competitive market for global innovations, particularly in areas subject to international competition like semiconductors  .
7. Patent Scope and Competition
The report also delves into the scope of Australian patents compared to international counterparts. Australian patents have narrowed since the Raising the Bar reforms of 2012, which aligned Australian assessments of inventiveness more closely with international standards.
Australia punching above its weight?
The Australian IP Report 2024 underscores the critical role that IP plays in driving economic growth, especially in emerging technologies like clean energy and semiconductors. By fostering innovation and protecting intellectual property, Australia continues to position itself as a leader in technological advancements and economic competitiveness.
