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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Always interesting to read about the continuing cycle of R&D, Grants, etc etc. If the Government truly wants to achieve their aims here, then actual contracts and work to true Australian companies is required. Not hand outs through the next scheme “showing” support, but actual support through contracted engagement, actual partnerships between business and Government. This does happen in some areas, not nearly enough to be effective in developing Australia into a leading nation again.
Government contribution is significant at the initial and seed level and at commercialisation but not in between – the acknowledged “Valley of Dear” – E.G. ready to commercialise but require a prototype for clinical trials: revenue too far away and market not clearly defined. NO support.
Charles hider
NeuralDx Ltd