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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 10 September 2025
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Displaying 2270 contributions

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Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

That is simply not true. Every single week, I listen to baying from across the chamber about multiple policies. My point is that we must allow for some risk taking if we are to drive innovation and entrepreneurship, and businesses accept that. I am making that point to all of us, and to civil servants. There is a fundamental dichotomy at play that will not serve us well in the world.

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

I completely agree. It is well known that I would spend most of every day talking about such matters. We need a wealthy economy to support the social changes and contribution that we want to make.

Thomas Watson, the founder and long-term chair of IBM, probably put it better than I can when he said:

“If you want to increase your success rate, double your failure rate.”

Fundamentally, if we want to drive innovation and entrepreneurship, we all have to understand that we need to increase our tolerance for risk. That is even more important in today’s world, given the speed of change.

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

We have been talking a great deal about Sir Tom Hunter’s report, but Oxford Economics, which did the research, also made it clear that Singapore’s success rested to a large extent on higher-value manufacturing such as electronics and precision engineering. To that end, what commentary does Daniel Johnson have for the planned cut in the immigration of engineers? That is surely a worry.

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

Will the member take an intervention?

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

Entrepreneurship and innovation are central to driving economic growth. One might suggest that they are the twins of purposeful change in the economy, driving a culture of development and productivity improvement. All innovation involves what the late Professor Tom Burns called the “application of novelty” and he said:

“All novelty involves some degree of risk.”.

Innovation and entrepreneurship are social phenomena that exist at their best in cultures that support change and risk taking; they do not thrive in risk-averse cultures. I would contrast that with our activity as parliamentarians and Government ministers. In the main, there is too much of a tendency to see each and every failure in policy making as bad and a matter to be condemned. That encourages risk aversion among policy makers. If the initiatives that we take to support innovation and entrepreneurship were never to lead to some failures, that in itself would be a major failure.

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

I am always in favour of oversight and accountability, but I am making a separate point. One can have accountability and a clear line of sight on funding, but, specifically on the matter of entrepreneurship and innovation, we must accept that we need to increase our threshold for risk. That will include public sector funding. We also want to crowd in more private finance, because the private sector has more of a view about this.

That leads me to the end of my remarks, but I have enjoyed the debate, nevertheless.

16:13  

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

That is very kind—I really appreciate it. Lorna Slater mentioned this morning’s meeting of the Economy and Fair Work Committee, and I was going to point out that the witnesses were really talking about the large-scale lenders making the shift. It is really important for us to bear that in mind in relation to what we are able to influence in this Parliament, as I think that the reference to that kind of large-scale corporate lending was drawn from the United States. My intervention was just to make a clarification.

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

Will the member give way?

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

I thank the member—I will try to be quick. I must make the point that, yes, tax is a consideration, but, if we are talking about creating an entrepreneurial culture, we have to factor in the economic system as well. Surely the fact that so many key powers—over monetary policy, control of interest rates, money supply, corporation tax, employment law, migration, energy strategy, pensions, export support and so on—lie with Westminster should be factored in to it as well?

Meeting of the Parliament [Draft]

Empowering Entrepreneurs and Innovators

Meeting date: 4 June 2025

Michelle Thomson

Thank you very much for taking the intervention.