Australia is virtually giving away its world leading research with little economic return for the nation.
That's the view of a new discussion paper released today by the panel leading a landmark examination of our research and development (R&D) system.
The panel, led by Chair Robyn Denholm, invites interested parties to have their say on how we can strengthen our R&D performance to drive productivity and foster economic growth.
The discussion paper highlights a stark decline in Australian R&D over the past 15 years. Local investment in R&D is now only 1.66% of GDP, well below the OECD average of 2.7%.
The paper also highlights other structural issues, including:
- Despite growing SME investment, overall business investment in R&D has fallen by more than a third since 2009.
- Australia is good at research, but lags behind other OECD countries in development and translation.
- Research collaboration across sectors is weak. Australia ranks the lowest in the OECD for university-business collaboration.
- Stronger manufacturing is critical to improved R&D performance and to lift Australia's economic complexity.
The panel is considering a range of paths to maximise the value of existing investment in R&D and strengthen linkages between research and industry.
The discussion paper can be found here
Quotes attributable to the Minister for Industry and Science Ed Husic:
"It's been almost 20 years since we asked the hard questions about why our R&D performance is lagging.
"We're virtually giving our world-class science away for free to other countries to exploit, and this needs to stop.
"R&D boosts productivity, creates more jobs, strengthens our economic and national security resilience and leverages our strengths in science.
"The review is about how we can reshape the way we all work together so we can bring those benefits into our economy."
Quotes attributable to Strategic Examination of R&D Panel Chair Robyn Denholm:
"It's crucial that we put innovation at the centre of our national goals. A robust and forward-looking R&D ecosystem is vital to the future of the country.
"Australia's greatest assets include our people and our extraordinary know how. We excel in research. Developing, translating, and commercialising that research is critical for economic growth.
"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 discussion paper is a crucial step in this comprehensive examination. The panel welcome views from all people across the country, to help us look at what Australia already does well in the R&D environment, and what we can do better."
