A newly released report on Australia’s innovation system highlights both progress and challenges, underscoring the need for greater investment in research and development (R&D).
The Australian Innovation Statistics (AIS) dashboard reveals positive trends in Australia’s research output, with an increase in published scientific papers and growing international collaborations.
Nearly half of Australian businesses reported engaging in innovative activities, suggesting a strong desire to innovate, the government shared in a news release.
However, the report points to significant barriers that hinder progress in commercialising innovations.
The data shows access to funding is now the primary hurdle, surpassing concerns over costs and access to skills.
The ongoing decline in venture capital deals further illustrates the difficulties businesses face in scaling their innovations.
Minister for Industry and Science Ed Husic acknowledged the challenges, noting that while there have been some positive developments, the road ahead remains difficult.
“For over a decade, R&D investment has languished,” Minister Husic said.
“Our predecessors tried to hide the uncomfortable statistics, which was wrong.”
The Australian government has increased public R&D spending by 4.7 per cent in the current financial year, bringing the total to $14.4 billion.
This follows a slight improvement in business R&D investment during 2022/23, after nearly ten years of stagnant growth.
“We can’t put our head in the sand and pretend this isn’t happening—we need good data and an honest appraisal of what the barriers are to lifting R&D,” Husic emphasised.
The AIS report, launched last Friday, replaces the Australian Innovation System Monitor, which was discontinued in 2020 by the previous administration.
The updated dashboard provides a more concise analysis of the nation’s R&D landscape, offering clearer insights to guide policy decisions.
“While there have been encouraging signs in initial R&D uplift, we still have a lot of work to do,” Husic said. “Our Future Made in Australia agenda is a big part of what needs to happen, as this report clearly demonstrates.”
The full report is available at the Department of Industry’s website: Australian Innovation Statistics.
