)
The Tech Council of Australia (TCA) has welcomed a review of the nation's research and development (R&D) framework in a bid to improve investment in technology and lift productivity.
Federal Minister for Industry and Science the Hon Ed Husic announced today that Tech Council Board chair Robyn Denholm would chair an independent panel that will deliver recommendations around Australia's R&D system.
Tech Council CEO Damian Kassabgi says the review is an opportunity for Australia to better harness the economic and productivity benefits of R&D.
“A strategic approach to R&D will increase competition, attract investment and contribute to a more productive and resilient economy,” he says.
“The decline in productivity is one of Australia’s biggest economic challenges. To continue enjoying our standard of living, which is among the highest in the world, Australia needs to focus on improving productivity growth.
“Lifting investment in R&D can help us turn this around. To maximise the economic and productivity gains, we need a strong R&D system that encourages innovation and supports companies to transform world-class research into commercial success."
Kassabgi adds that while other countries are consistently increasing their investment in technology, "Australia isn’t keeping up and our spending on tech investment is actually forecast to fall if we don’t act".
Research released by the Tech Council in November showed that lifting investment in R&D and tech adoption could contribute up to $167 billion in GDP by 2035 in productivity gains.
Denholm says she is honoured to be appointed chair of the review.
“On behalf of the Tech Council of Australia (TCA), I commend the Government for initiating this independent review to enhance Australia’s R&D framework,” Denholm says.
“A robust and forward-looking R&D ecosystem is vital to driving innovation, fostering economic growth, and establishing Australia as a global leader in technology.
“My objective for this review is to unlock the immense potential of Australian research by turning it into tangible outcomes that deliver both economic and societal benefits.”
The strategic review will be conducted until 31 December 2025.
)
