Commonwealth spending on research and development as a proportion of GDP is expected to be the lowest on record this financial year, disappointing research peak bodies as attention turns to next week’s Budget.
The Department of Industry, Science, and Resources is forecasting that government spend on R&D will be 0.49 per cent of GDP in financial year 2022-23. Previously, the lowest spend was 0.50 per cent of GDP in financial year 2018-19.
In the decade between 2011-12 and 2021-22, government investment in R&D programs is forecast to fall from 0.67 to 0.51 as a proportion of GDP. The previous peak in proportional R&D spend was 0.73 per cent in 1993-94.
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