The Australian Industry Group (Ai Group) has welcomed the release of the Strategic Examination of R&D Discussion Paper, emphasising the critical need for comprehensive reform to boost national productivity amid global challenges.
"In today's complex geopolitical landscape, we must fundamentally reimagine Australia's R&D strategy as a dynamic, responsive system that recognises industry isn't just a vehicle for commercialising R&D developed elsewhere. To put it simply, the current system is not working in Australia's interests," said Ai Group Chief Executive Innes Willox.
"Our businesses, particularly SMEs, are powerful innovators in their own right, developing novel technologies and solutions close to market needs. Business-driven R&D creates breakthrough technologies and transformative products that are critical to economic growth and national advancement."
The national employer association highlighted the importance of increasing Business Expenditure on R&D (BERD) as a cornerstone of the strategic examination. The discussion paper acknowledges that R&D-intensive businesses demonstrate stronger jobs growth and resilience in uncertain times.
"R&D investment is not merely an academic exercise but a crucial driver of national prosperity," Mr Willox said.
"We need to systematically remove barriers to innovation and boost private sector R&D investment. This review must transcend previous incremental investigations and deliver genuine, innovative solutions.
"Everything must be on the table – there can be no sacred cows.
"Simply calling for R&D spending to reach 3% of GDP isn't enough. As a start, we must address fundamental issues around commercialising public sector research and how to strengthen industry-research collaboration," Mr Willox said.
Ai Group will continue to engage with its broad membership base throughout the review process to ensure comprehensive input from all sectors of the economy.
