Strategic examination of research and development an opportunity for national growth
| The Australian Academy of Technological Sciences and Engineering (ATSE) welcomes the federal government’s strategic examination of Australia’s severely underfunded research and development (R&D) sector. |
| Australia is lagging behind our international competitors. Germany, Japan and the United States all spend more than 3% of their GDP on R&D each year. Australia spends about half that at 1.68%.
Australia’s R&D spending has been falling over the last decade, from a peak of 2.2% in 2010. Meanwhile, China’s R&D spend has increased from 1.71% in 2010 – around Australia’s current level – to 2.65% of GDP in 2023. The creation and application of knowledge is the cornerstone of national advancement and Australia cannot afford to stand still. ATSE supports the review’s aims of maximising the value of R&D across all sectors, increasing collaboration and linkages between academia, government and industry, and driving greater R&D investment by industry, and welcomes the announcement the independent panel drawn from diverse innovation sectors and perspectives. A strategic boost to languishing government investment will be imperative to enable more investment from all players, including from industry, philanthropy and the states. ATSE CEO Kylie Walker says a comprehensive review of Australia’s full R&D funding landscape is essential for Australia’s long-term prosperity. “This review of research and development is sorely needed to revive a sector that has been neglected for more than a decade.” “We all know the economic benefits of Australian research, every dollar spent on research and development returns $3.50 to the economy. But what should really concern us is the research that does not happen due to a lack of investment, or the new innovations that stay on the shelf as our business investment in R&D languishes.” “This review offers the nation to set the future for Australian innovation, industry and society. It will make sure that when new innovations are happening, they are happening here, and that Australia is not relying on a future made overseas.” “By properly investing in and supporting a research and development ecosystem in Australia, we are strengthening our economy, creating jobs and uplifting Australians’ quality of life.” As a trusted provider of evidence-based advice and guidance on Australian research and development for nearly half a century, ATSE looks forward to contributing to the strategic examination of R&D, drawing on our leading network of applied scientists, engineers and innovators.
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