The Australian Universities Accord Panel is expected to recommend setting a bold research and development investment target of 3% of GDP by 2035, and a doubling of the Australian Research Council (ARC), National Health and Medical Research Council (NHMRC), and university Research Block Grants funding from 2024 in its final report.
“These two powerful recommendations will seize Australia’s share of the new jobs, income and industries that will be generated by major economy-powering research breakthroughs over the next decade,” said Science and Technology Australia (STA) CEO Misha Schubert.
“Australia’s future economic firepower relies on the Accord Panel making these recommendations in its final report to the government.”
These funding sources, particularly in the NHMRC, often support vital eye research in institutions across Australia.
In its submission to the Australian Universities Accord Interim Report, Science and Technology Australia has called for an urgent, medium, and long-term plan for a major uplift in economy-boosting research funding.
“Without a clear recommendation from the Accord Panel for a bold R&D uplift, the Australian Government won’t have the policy and budget levers it needs to deepen Australia’s investment,” said Schubert.
“The ARC’s report this week highlighted the cost of not investing in research — every dollar not spent on research is $3.32 in economic activity lost.”
As the nation’s peak body for science and technology, STA has urged the panel to recommend an official research and development investment target for Australia, with an interim target of 2.4% by 2030, plus develop an investment roadmap to reach the target.
It has also advised the panel to start a major scale up in university research investments from 2024 by doubling Australia’s investments in the ARC and NHMRC’s competitive grants budgets and university Research Block Grants.
“If we set an R&D investment target and boost grants budgets now, Australia can seize the wealth, jobs, opportunities, and inventions of tomorrow. If we miss our moment in history, we consign ourselves to the slow lane on the highway to a future economy,” Schubert said.
“We call on the panel to be bold, clear and ambitious in its R&D recommendations to Government, so the Australian Government has a roadmap to protect Australian jobs, incomes and living standards.”
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