The federal government expects to lift overall spending on R&D by almost $650 million this financial year, outpacing sluggish R&D spending growth in the private sector, according to new data.
The boost to government R&D funding comes as Canberra releases a new innovation scorecard, which Industry and Science minister Ed Husic says shows business investment in R&D has “barely budged” since the pandemic.
Mr Husic said the revamped Australian Innovation Statistics (AIS) confirms that “our investment as a nation in R&D is not where it should be, languishing still at 1.7 percent of our GDP”.
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