The Australian Government announced a substantial increase in funding for research and development (R&D), with an injection of $12.6 billion aimed at bolstering Australian innovation this year.
According to the latest Science, Research and Innovation (SRI) Budget Tables released today, this investment represents a 2.7 per cent increase compared to the previous year.
The funding encompasses various initiatives, including direct support for R&D institutions like the Commonwealth Scientific and Industrial Research Organisation (CSIRO), amounting to $9.2 billion.
Additionally, $3.4 billion has been allocated to support businesses engaged in research through the Research and Development Tax Incentive (R&DTI).
Initiatives such as the $15 billion National Reconstruction Fund, the $392 million Industry Growth Program, and the National Quantum Strategy further underline its dedication to bolstering industry, enhancing manufacturing capabilities, and fostering long-term R&D projects.
Minister for Industry and Science Ed Husic stressed that after a decade of decline, there are now signs of improvement in research and development investment.
He emphasised that while this development is encouraging for the R&D community, there is still much work to be done.
“Strong R&D investment is crucial to a modern economy because great ideas create great products and secure jobs.”
Minister Husic continued, “Our Future Made in Australia plan is all about leveraging every opportunity to grow our industrial capabilities, linking up our research and development efforts with initiatives like our $15 billion National Reconstruction Fund and our $392m Industry Growth Program.”
For more detailed insights into the SRI Budget Tables, interested parties can visit the official publication at: SRI Budget Tables
