5 years ago
GOVERNMENT’S MAJOR CUTS TO R&D A THREAT TO NATIONS FUTURE
BRENDAN O’CONNOR MP
Reports today that under the Coalition research and development activities have been slashed by $4 billion, exposes a government that has no regard or plan for Australia’s future.
Investment in knowledge and innovation is essential to creating new industries, jobs and opportunities in the 21st century.
Under the Liberal Morrison Government, Australia’s R&D investment is dismal.
Australia is close to the bottom of the OECD ratings for collaboration between industry and researchers. According to the OECD index of research and development investment by government, Australia sits at 107, falling from 114 in 2017-18.
Australia’s future depends on a focus and investment in science and research, which will drive innovation. However, the latest Productivity Commission Bulletin highlighted that productivity growth has been sluggish partly due to weak investment, particularly in research and development, “The share of businesses that are innovators – which goes beyond R&D spending – is no longer growing.”
Investment in knowledge and innovation is essential to creating new industries, jobs and opportunities in the 21st century.
Under the Liberal Morrison Government, Australia’s R&D investment is dismal.
Australia is close to the bottom of the OECD ratings for collaboration between industry and researchers. According to the OECD index of research and development investment by government, Australia sits at 107, falling from 114 in 2017-18.
Australia’s future depends on a focus and investment in science and research, which will drive innovation. However, the latest Productivity Commission Bulletin highlighted that productivity growth has been sluggish partly due to weak investment, particularly in research and development, “The share of businesses that are innovators – which goes beyond R&D spending – is no longer growing.”
PC PRODUCTIVITY BULLETIN, MAY 2019
This is a trend that must be reversed if we want to support economic growth and remain globally competitive.
By investing in R&D, government provides the resources for universities and research institutions to produce results that inspire innovation, private investment and further research and development.
Strong investment in R&D allows all Australians to share in the benefits of new industries, new products, good jobs and a higher standard of living.