As a former Chair of Austrade and of the Garvan Institute of Medical Research, and as the founder of Australia’s first venture-capital firm, he is an outstanding choice for the role.

Universities Australia Chief Executive Belinda Robinson said Mr Ferris’ experience and insight would be invaluable in guiding Australia’s innovation agenda at this time of historic opportunity.

“Smart nations are seizing the future with innovation policy and strategic investments that strive to keep their economies across and ahead of change,” she said.

“Australia needs to take a similarly strategic, ambitious and bold view and Bill Ferris is an astute choice to lead that work.”

Universities are major contributors to Australia’s innovation agenda – as a source of ground breaking innovation through research and as educators of the next generations of innovators.

Ms Robinson said Universities Australia was pleased to see a strong emphasis from both sides of politics on innovation as a driver of Australia’s future prosperity.

She welcomed Innovation Minister Christopher Pyne’s statement today noting that the government had committed to making innovation a key element of its economic agenda and that “this includes investing in key enablers of innovation like science, research, education and infrastructure”.