Time to reverse the R&D slide

^{Published on 2024-12-01 23:02:29 - Tim Hastings, N@N}

I encourage everyone with an interest in our long-term prosperity to engage with the review of the system so we get the best possible recommendations.

The article from the Australian Financial Review discusses the urgent need to reverse the decline in Australia's research and development (R&D) investment. It highlights that Australia's R&D spending as a percentage of GDP has been falling, placing the country behind other OECD nations. The piece points out that while the government has introduced measures like the R&D Tax Incentive, these have not been sufficient to stem the decline. Key issues include a lack of business investment in R&D, with many companies opting to conduct their research overseas where incentives are more attractive. The article calls for a comprehensive policy overhaul to boost innovation, suggesting increased government funding, better incentives for businesses, and fostering a culture that values and supports scientific research. It also mentions the potential economic benefits of increased R&D, such as job creation, productivity growth, and enhanced global competitiveness.

Read the Full The Australian Financial Review Article at:
[ https://www.afr.com/policy/economy/time-to-reverse-the-r-and-d-slide-20241202-p5kv7k ]

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