Federal government spending on R&D programs is expected to rise by almost $330 million this financial year, according to the latest Industry department figures, but science groups say there remains a need for a coordinated strategy to reverse a decades-long decline in research funding.
Industry and Science minister Ed Husic on Thursday announced the release of the latest Science, Research, and Innovation budget tables, which tracks the government’s R&D commitments and forecasts made at the time of the last federal Budget.
Nominal spend on R&D, which remains at record lows as a proportion of GDP, is estimated to be $12.6 billion in 2023-24, an increase of 2.67 per cent ($328.4 million) on the $12.3 billion spent last financial year.
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