A panel led by Tesla chairwoman Robyn Denholm has warned that Australia's declining investment in research and development (R&D) threatens its economic growth. The panel's discussion paper highlights that while other countries capitalize on Australian research, the nation itself is falling behind. Industry and Science Minister Ed Husic will call for an end to this trend, emphasizing the need for large businesses to contribute more to R&D.
A panel led by the chair of Tesla warns Australia has been "left behind" on research and development .Australia's future economic growth is at risk from plummeting investment in research and innovation, with big business failing to pull its weight, according to a panel appointed to review the sector.
"And our future increasingly reliant on a narrow set of industries supported by outmoded and fragile supply chains."Mr Husic first announced Ms Denholm would lead a review of the R&D sector late last year, raising concerns the country's economic future was being stunted by a failure to spend on R&D, particularly when compared with other countries.
"Australian research is being developed into globally transformational technologies — most often by other countries," it said.It found small to medium enterprises were driving 55 per cent of business R&D, despite it being much harder for them, while larger businesses were falling behind.Mr Husic's speech will also call out large companies' lack of action, saying that turning it around "will take a concerted effort".
Technology Science RESEARCH AND DEVELOPMENT AUSTRALIA INVESTMENT ECONOMIC GROWTH INNOVATION
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