I think getting this list from BRW, I'd take it with a grain of salt. I work at NICTA, and take a look at 3 companies that have spun out in the last year.
http://www.saludamedical.com/
http://ambiata.com/
http://www.yuruware.com/What metrics did BRW use to decide who was 'Most innovative'? Saluda medical has the potential to have a massive impact on a large number of people who live with chronic pain, and they're doing it without the use of drugs.
Lots of great stuff in Australia, just not showing up on BRW.
Also, if you're interested in just what's happening from a science and technology space, another Sydney startup (not NICTA related) is doing kickstarter for science http://thinkable.org
