The Australian Academy of Technological Sciences and Engineering (ATSE) has released a report ahead of the federal election, urging greater investment in research and development, stronger collaboration, and improved performance measurement to bolster Australia’s innovation landscape and economic growth.
The report, developed through extensive consultation with industry, government, and research leaders, highlights the role of innovation in ensuring national prosperity, the organisation said in a news release.
ATSE argues that research and development are essential components of economic resilience and sustainability, rather than discretionary investments.
Among its recommendations, the report advocates for increasing total Australian R&D investment to 3 per cent of GDP, implementing structured industry engagement programs, and improving collaboration between small and medium enterprises (SMEs) and research institutions.
Additionally, it suggests leveraging the financial system to encourage investment in technology-driven startups through tax incentives and other policy measures.
ATSE CEO Kylie Walker stated that Australia has the potential to become a global leader in innovation if the right support structures are put in place.
“Australia has all the building blocks for a thriving innovation ecosystem, and so much potential to grow our impact, our wellbeing and our economy,” Walker said.
She pointed to key areas such as battery technology, sustainable building materials, and responsible artificial intelligence as sectors where Australia could establish global leadership.
The report also emphasises the need for a comprehensive innovation performance measurement framework to ensure that investments are delivering tangible economic and societal benefits.
It suggests that better systems to connect researchers, policymakers, investors, and startups could provide the foundation for emerging industries and new job opportunities.
