We strongly welcome the Government's investment in economy-boosting research and development detailed in yesterday's figures from The Australian Bureau of Statistics. However, Government investment in R&D as a percentage of GDP has remained unchanged since 2018 at 0.17 per cent.
"Australia urgently needs deeper and sustained investment in research from government, universities and particularly business to lift our stubbornly low level of R&D funding as a percentage of GDP," says STA CEO Ryan Winn.
"We cannot continue to tolerate a slide, particularly as our economic rivals seriously ramp up their own investment."
"We look forward to working with Government through the recently-announced Strategic Review of Research and Development and the Future Made in Australia agenda to boost R&D funding to power the country's future economy."
Australian Bureau of Statistics Media Release: Government sector leading the way for R&D expenditure.
