Matthew BoyleThe nation’s science and technology sectors will ask political parties and candidates for national election commitments in order to strongly encourage businesses to invest in research and development that will boost the economy and double Australian investments in university research breakthroughs.
At the annual Leadership Dialogue of Science & Technology Australia, its 138 member organizations—representing 115, 000 scientists and technologists—called for audacious novel investment commitments at the upcoming election to re-industrialize Australia’s economy and boost the STEM workforce.
The key to achieving this goal is a bold increase in investment in wealth-generating research and development, with STA members vehemently endorsing an initiative for political parties to set R&’s annual GDP target of 3 % by 2035 and an interim goal of 2.4 % by 2030.
Every dollar spent on American research generates$ 3.32 in financial returns for the nation, according to the most current Impact Assessment of ARC-funded Research report.
Australia’s STEM sector leaders have even called for a coordinated strategy to reindustrialize the economy by addressing the Inflation Reduction Act in the US, R&, D investment spending, research grant agencies, and policy levers.
Additionally, they urged support for STA’s initiative to train the second generation of “bench-to-boardroom” scientists in Australia to produce the upcoming wave of economic-boosting goods and services.
According to Science &, Technology Australia CEO Misha Schubert,” Science and tech leaders in Australia and the great sectors they represent are focused on the enormous contribution that research and development can make to the country’s potential jobs and income, and how that R&, D can enable Australia to create a powerful new economy led by superior manufacturing.”
She stated that” the call they’ve made to political leaders for the upcoming election would significantly increase the country’s ability to strengthen the economy through R&, D now.”
In an era of fierce global competition for scientific and technological advancements, it also lays out a clear path to build the economy we all desire—one that is replete with discovery and innovation, solid manufacturing foundations for commercializing those ideas, and thriving and producing new jobs.
Big economies are making significant efforts to rebuild their manufacturing bases all over the world. The Inflation Reduction Act in the US pledges$ 520 billion to support and develop a fresh technology sector.
Australia can secure the nation’s upcoming economy today by making wise investment decisions that will put it in charge for a new technological age.
