The answer of Andrew Liveris, Dow Chemical global chairman and chief executive, to that question is a resounding "Yes".

The chair of the Australia-US Business Council said that Australia is losing the ability to innovate and develop. Liveris said acknowledges that Australia has the resources and tools to discover new products and innovate.

He cites the pharmaceutical industry in Australia as an example of innovation. Australian pharmaceutical companies discover new vaccines to benefit the rest of the world. Liveris said it is a fine example of a successful industry in Australia. Despite this fact, he warned that the country has been unable to sustain innovation.

Recently named the happiest nation in the world, Australia has a lot to offer its people. Complacency may be the country's greatest enemy. Liveris says he wants to go back and settle in Australia again but before he must do that, the country should be able to get back on its feet and bring innovation back. The Dow Chemical director is native of Darwin.

Liveris also heads the US Business Council and attends meetings with President Obama regularly. In an interview with ABC's Tony Shepherd, Liveris extended an invitation to Tony to come and visit him in the US. The business community in the most powerful nation in the world is urging the government to participate in designing a new workforce strategy. Australia needs to compete with the US in terms of innovation and technology development.

To achieve global competitive, businesses in Australia will have to innovate by continuously developing new products and services. This will help businesses gain a competitive advantage in the current global economy. Australia will need to develop new ideas for society and economy. When a country is able to create and develop new ideas, this translates to more jobs, economic wealth and improved quality of life.