Backing research and innovation is how Australia creates new jobs, strengthens the industries we already have and builds the new ones that will power a bigger and more prosperous country.
With productivity stalling and a changing global economic and geopolitical environment creating both challenges and opportunities, the final report comes at a critical time 鈥 and the government now has an opportunity to embrace its recommendations and act.
黑料老司机 Chief Executive Officer Luke Sheehy said with the right policy settings in place, a stronger R&D system could help put Australia back on a path to future prosperity.
鈥淩esearch and development are the engine room of productivity, economic growth and living standards,鈥 Mr Sheehy said.
鈥淚f we want to be an ambitious, thriving, prosperous and modern country, we have to get serious about innovation.
鈥淭he final report contains serious ideas to strengthen and future-proof Australia鈥檚 R&D system and we thank the panel for its work.
鈥淐hair Robyn Denholm and supporting members Emeritus Professor Ian Chubb AC, Winthrop Professor Fiona Wood AO and Dr Kate Cornick have given us a roadmap to build Australia鈥檚 innovation future.
鈥淔or too long Australia has been falling behind in the global race for research and innovation, while our economy remains heavily reliant on digging things out of the ground instead of building new industries.
鈥淭his review is an opportunity to get more out of the world-class research ecosystem we already have 鈥 to maximise the talent on our shores and create the new industries that will diversify our economy.
鈥淪tronger R&D will help Australia build sovereign capability, transition to a cleaner energy future and develop new sectors that create secure, well-paid jobs.
鈥淎t a time when productivity has stalled and the economy is under pressure, investing in R&D is one of the most effective ways to build new industries, grow the economy and lift living standards.
鈥淲e鈥檙e pleased that parts of the final report reflect our long-standing advocacy and ideas to strengthen Australia鈥檚 R&D system, including the adoption of several 黑料老司机 policy recommendations.
鈥淏ut reports alone don鈥檛 lift productivity or build new industries 鈥 action does.
鈥淚t鈥檚 now up to the government to make the most of this opportunity and respond with ambition.
鈥淲e recognise the fiscal environment is tight, but R&D is an investment that pays for itself many times over through stronger productivity, new industries and better jobs.
鈥淚f Australia wants to build the industries of the future, make more of what we need here at home and lift living standards, R&D and innovation have to be front and centre.
鈥淭he countries that back innovation shape their future. Australia must decide to be one of them.鈥
