In a recently published 2023-2024 Pre-Budget Submission, Cooperative Research Australia (CRA) said it is urging the Federal Government to drive economic growth through innovation and collaboration and expand on proven initiatives for industry-led research collaboration.
The research entity recommends an industry-ready, innovative workforce and an increase in research and development investment as a percentage of gross domestic product (GDP) from 1.8 to 3 per cent.
The suggestions, according to CRA, centre on a 20% R&D tax collaboration premium that may boost R&D growth by encouraging innovation through industry-led research partnerships and expanding the Cooperative Research Centres Program.
In addition, CRA said it wants to help CRCs and other similar organizations get off the ground quickly and smoothly transition/windup, as well as replicate the effective CRC Program model in other Australian Government portfolios to achieve their policy goals.
“Australia is in a privileged position to take on the opportunity to place innovation at the forefront of policy to address national challenges”, said Cooperative Research Australia CEO Jane O’Dwyer.
The CEO also pointed out that investing in initiatives like the CRC—which, according to the program’s recently released Acil Allen Impact Assessment—induced over $200 million in new private R&D annually and increased GDP by $32.5 billion over its lifespan up until 2021—makes economic sense.
Established in 1994, Cooperative Research Australia said it is dedicated to cooperating with the Australian Government to develop an innovation strategy that secures a wealthy and productive country for all Australians and looks forward to further opportunities to contribute.
