Australia stands at a crossroads in its research and development journey.
The Federal Government has launched a major review of the country's R&D system, and the Australian Industry Group (Ai Group) sees this as a potential watershed moment for innovation in our nation.
Why does this review matter? Think of Australia's R&D system as the engine room of our future economy. Just as a car needs a well-tuned engine to perform at its best, our economy needs a robust R&D system to drive growth and stay competitive in the global market.
The current situation calls for more than just minor tweaks. Previous reviews have been like changing the oil in an engine when what we really need is a complete upgrade to a newer, more efficient model. Our members are clear in their views: the time has come for bold, transformative change.
Private sector innovation should be at the heart of this transformation. Businesses are where groundbreaking ideas turn into real products and services that create jobs and boost our economy. Imagine a startup developing new solar technology or a manufacturing company creating more efficient production methods; these innovations start with business-driven R&D.
Ai Group believes three key priorities stand out in this review:
First, our public research institutions need to become more business-savvy. While government funding is important, these institutions should build stronger partnerships with industry and find new ways to fund their work. It's like bridging the gap between the laboratory and the marketplace.
Second, we must focus on improving productivity. R&D isn't just about scientific papers, it's about making our economy work better and smarter. When businesses become more productive through innovation, it leads to better jobs, higher wages and improved living standards for all Australians.
Third, we need to ensure this review represents everyone's interests fairly. Just as a football team needs players in different positions to succeed, our R&D system needs input from all parts of the innovation ecosystem to work effectively.
The Government has assembled an expert panel to lead this review, showing it's serious about making changes. However, the real test will be turning these recommendations into action. We can't afford to let this opportunity become just another report gathering dust on a shelf.
The stakes are high. In today's fast-moving global economy, standing still means falling behind. This review is our chance to reshape Australia's innovation landscape and secure our place as a leading technology and research nation. The future of our economic prosperity depends on getting this right.
The Department of Industry is currently conducting consultations as part of this review process. We invite our members to contribute their insights as part of these consultations. Please contact me if you would like to know more.
David is Director of Emerging Industries and Innovation at the Australian Industry Group.
He has been part of Australia’s innovation ecosystem for more than 15 years and has worked at the executive level across multiple industries in large and small organisations to facilitate innovative solutions to complex problems.
David has maximised opportunities for Australian industry in $88 billion of major projects, delivered financial assistance of more than $22 million to innovative SMEs and pulled together over 150 commercially astute leading-edge research/industry collaborations that have resulted in novel technology and jobs of the future.
