The Australian Academy of Technological Sciences and Engineering (ATSE) welcomes the federal government’s strategic examination of Australia’s research and development sector.
ATSE says Australia lags behind its international competitors. Germany, Japan and the United States all spend more than 3% of their GDP on R&D each year. Australia spends about half that at 1.68%.
Australia’s research and development spending has been falling over the last decade from a peak of 2.2% in 2010. Meanwhile, China’s research and development spend has increased from 1.71% in 2010, around Australia’s current level, to 2.65% of GDP in 2023. The creation and application of knowledge is the cornerstone of national advancement and Australia cannot afford to stand still.
ATSE supports the review’s aims of maximising the value of research and development across all sectors, increasing collaboration and linkages between academia, government and industry, and driving greater research and development investment by industry. The lobby group welcomes the announcement of an independent panel drawn from diverse innovation sectors and perspectives.ATSE says a strategic boost to languishing government investment will be imperative to enable more investment from all players, including from industry, philanthropy and the states.
ATSE CEO Kylie Walker says a comprehensive review of Australia’s full research and development funding landscape is essential for Australia’s long-term prosperity.
“This review of research and development is sorely needed to revive a sector that has been neglected for more than a decade,” she said. “We all know the economic benefits of Australian research. Every dollar spent on research and development returns AUD3.50 to the economy. But what should really concern us is the research that does not happen due to a lack of investment, or the new innovations that stay on the shelf as our business investment in research and development languishes.”
“This review offers the nation to set the future for Australian innovation, industry and society,” Walker added. “It will make sure that when new innovations are happening, they are happening here and that Australia is not relying on a future made overseas. By properly investing in and supporting a research and development ecosystem in Australia, we are strengthening our economy, creating jobs and uplifting Australians’ quality of life.”
As a provider of evidence-based advice and guidance on Australian research and development for nearly half a century, ATSE says it looks forward to contributing to the strategic examination of research and development, drawing on our leading network of applied scientists, engineers and innovators.
