Govt R&D discussion paper released showing concerning declines
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The news: The Albanese government has released a discussion paper highlighting concerns about Australia's declining research and development (R&D) performance and its impact on economic returns.
The numbers: Australian investment in R&D has fallen to 1.66% of GDP, marking a significant decline over the past 15 years.
The context: Industry and science minister Ed Husic announced the paper as part of a broader examination of Australia's R&D system, led by panel chair Robyn Denholm.
The review aims to address concerns that Australia is not capitalising on its research capabilities, with the paper suggesting the nation is "virtually giving away its world leading research with little economic return".
When Husic announced the review in December he said it had been almost 20 years since Australia examined its lagging R&D performance.
What they said: "We're virtually giving our world-class science away for free to other countries to exploit, and this needs to stop," Husic said.
"R&D boosts productivity, creates more jobs, strengthens our economic and national security resilience and leverages our strengths in science."
Denholm, who is also chair of Tesla, said Australia's greatest assets included its people and extraordinary know-how.
"Developing, translating, and commercialising that research is critical for economic growth," she said. "My objective through this examination is to unlock the immense potential of Australian research by turning it into tangible outcomes that deliver economic and societal benefits and enhance our global competitiveness."
The source: Media release from the minister for industry and science
