In a post-COVID-19 world, innovation stimuli and wellaligned policies will assume even greater importance as various sectors seek to recover lost ground and to generate new opportunities. Collaborative partnering in innovation research and development (R&D) between private industry and higher education has increasingly emerged over the last decade as a leading key performance indicator for government policy development, and higher education research funding allocations. Recalibration of

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... ted policies and incentivisation will require careful consideration, with constructive lessons to be learned from outcomes over the last four decades. This paper presents findings from a new study of stakeholder perceptions as to the National Innovation and Science Agenda's impact on innovation partnerships, and synthesises outcomes from two prior studies. It then examines a newly proposed innovation policy framework, Stimulating Business Investment in Innovation (SBII), set against a background of the shifting mix of paradigms that have comprised Australian innovation policy over the last 40 years. It argues that, This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.