The federal government announced a landmark review of Australia’s research and development performance yesterday.
It is the first review of its kind in 20 years and will be led by the chair of Tesla, Robyn Denholm.She will be supported by a panel of three which includes Emeritus Professor Ian Chubb AC, Professor Fiona Wood AO and Dr Kate Cornick, CEO of LaunchVic (Victoria’s startup agency).
They will consider opportunities to maximise the value of existing investment in R&D, strengthen links between research and industry, support national priorities, drive greater R&D investment and raise the intensity of Australia’s R&D efforts.
Minister for Industry & Science, Ed Husic, said the review will provide an evidence-based pathway to stronger growth. The panel will report its findings by the end of 2025.
The Australian Academy of Technological Sciences and Engineering (ATSE) CEO Kylie Walker welcomed the review pointing out that Australia’s R&D is currently underfunded and lagging behind international competitors.
“Germany, Japan and the United States all spend more than three per cent of their GDP on R&D each year. Australia spends about half that at 1.68 per cent,” Walker said.
“This review of research and development is sorely needed to revive a sector that has been neglected for more than a decade.”
“We all know the economic benefits of Australian research, every dollar spent on research and development returns $3.50 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 R&D languishes.”