How is technology innovation important for Australia?
Technology innovation in Australia is vital to our growth and prosperity as a nation — it’s well established as one of the most important roles research plays in our economy. But historically, our ability to innovate in a way that is meaningful and impactful has faced certain challenges.
Both the value and the pace of research and development has increased over time, and so has the complexity of the support we need to successfully conduct the kind of high-impact research that results in technology innovation. Cross-discipline and international collaboration has become more important to the research sector, and as our technologies become steadily more complex, so do our demands for research sophistication.
Despite the growing resource requirements demanded by research and development, the potential rewards are very great. We know that every $1 invested in innovation returns about $3.50 and that the social benefits can be even greater. However, historically, Australia does not spend as much as comparable OECD countries on research and development. A 2021 report from CSIRO tells us, “Australia’s national gross expenditure on R&D as a percentage of GDP declined from 2.3% in 2008‑09 to 1.8% in 2019‑20. This figure is low compared to top‑performing innovative economies that spend on average over 3% annually on [gross domestic expenditure on R&D] proportional to GDP.” The COVID-19 pandemic has been contributory but not causal — even in 2016, the Australian Innovation System Report stressed the relatively low risk tolerance of Australian business investment in innovation.
The global demand for innovation and R&D is high, especially in technology. Australia has in recent years developed a range of specific interventions to support research and development. Additional programs include such efforts as the Future Made in Australia economic plan, from which industrial and technology will draw its share of $22.7 billion. They also include the National Quantum Strategy, by which the Australian Government hopes to grow Australia’s quantum capacity, which dovetails with international research pressures: 2025 has lately been designated The International Year of Quantum Science and Technology by the UN.
Australian universities use ResearchMaster to support innovative research by streamlining processes, integrating with key industry databases, and reducing complexity – contact our team to find out more about ResearchMaster’s unique Australian research management solution.
