Research and development (R&D) funding for Australian agriculture in the fiscal year 2022-23 amounted to $2.32 billion, according to a new report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
Acting Executive Director of ABARES David Galeano said that while this figure was slightly lower than the previous year's $2.35 billion, it demonstrated the sustained commitment to increasing agricultural technology and knowledge.
"This report reveals that the average annual growth rate in total Australian agricultural R&D funding from 2013-14 to 2022-23 was 2.01%," Mr Galeano said.
"In acknowledging the role of R&D investment as a key policy area supporting productivity, the report underscores the collective efforts of State and Commonwealth governments, universities, and industry players.
"Public investment in agricultural R&D reached $1.3 billion in 2022-23, reinforcing the ongoing commitment to driving innovation and sustainability in the sector."
Previous ABARES research highlights the return on investment, with every $1 spent on agricultural R&D yielding an almost $8 return for farmers over a 10-year period.
This highlights the substantial impact and potential of R&D initiatives in enhancing the economic viability of Australian agriculture.
"As we continue to face evolving challenges, maintaining and, if possible, increasing support for R&D initiatives will be crucial for ensuring the resilience, productivity, and sustainability of the agricultural sector," Mr Galeano said.
