Any R&D strategy developed by the federal government should focus on supporting intellectual property that can be licensed to overseas manufacturers rather than creating local mass production, according to Science and Technology Australia president Sharath Sriram.
Following an address at the National Press Club on Wednesday, Professor Sriram said there was a need for a “more stable strategy which brings the parts of the [research] ecosystem together” to push Australia’s R&D spend closer to three per cent.
He said that trying to compete globally in mass production “will not be our strength”. Instead, Australia should focus on creating “high value jobs, high value services, based on our ideas and intellectual property which is where you draw value from”.
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