black swan theory

The black swan theory or theory of black swan events is a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight. The term is based on an ancient saying that presumed black swans did not exist – a saying that became reinterpreted to teach a different lesson after the first European encounter with them.

Review Led By Former Rio Tinto managing director for defence innovation

The federal government has begun a defence innovation, science and technology review to ensure that the Australian Défense Force continues to have access to “cutting edge capabilities.”

Défense Industry Minister Melissa Price announced a review on Monday to see how “domestic innovation opportunities” can be more effectively implemented in the organisation.

The review will be led by former Rio Tinto Australia Managing Director David Piver, who also reviewed the first principles back in 2015.

Price said the review will “aim to make the Department of Defence organisation more commercially oriented, with results focused on giving ADF access to the world’s leading technology and capabilities.”

“We must ensure that we are taking full advantage of Australian innovations to maintain Defence’s capability edge while ensuring innovative businesses are given every chance of commercial success,” she said.

“We need a defence organisation that can capitalise on the knowledge and expertise of Australian industry and academia to develop mission-focused technology that can address the unique capabilities of defence.