{"id":83,"date":"2025-02-17T18:23:42","date_gmt":"2025-02-17T18:23:42","guid":{"rendered":"https:\/\/www.techrepublic.com\/?p=4291440"},"modified":"2025-02-17T18:23:42","modified_gmt":"2025-02-17T18:23:42","slug":"boosting-rd-could-lift-australias-gdp-by-3-report-finds","status":"publish","type":"post","link":"https:\/\/blog.tecnoartesanos.com\/index.php\/2025\/02\/17\/boosting-rd-could-lift-australias-gdp-by-3-report-finds\/","title":{"rendered":"Boosting R&D Could Lift Australia\u2019s GDP by 3%, Report Finds"},"content":{"rendered":"
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Australia is missing out on billions in economic growth due to underinvestment in research and development, a new report warns. The country\u2019s gross domestic product could be increased by 3% if decision-makers focus on boosting investment in research and development.<\/p>\n

The Australian Academy of Technological Sciences and Engineering has released its \u2018Boosting Australia\u2019s Innovation\u2019 report<\/a> outlining a series of strategies and recommendations for research and development investment that will turn Australia into \u201cone of the world\u2019s leading technology and innovation economies.\u201d<\/p>\n

SEE: Australia Unveils National AI Plan to Boost Investment and Capabilities<\/a><\/strong><\/p>\n

While the report emphasises the broad economic benefits of innovation investment, Australia\u2019s current standing in AI highlights areas needing urgent attention. There is some evidence that Australia is on the back foot globally in this arena, particularly with AI. It ranked 12th in the world<\/a> for number of AI patents filed between 2018 and 2022, and placed 28th for AI readiness<\/a> according to Stanford University. More generally, it ranked 24th out of 132 countries on the Global Innovation Index<\/a> in 2023. By contrast, countries like the United States and China dominate these rankings, demonstrating the scale of competition Australia faces.<\/p>\n

The advice originated in roundtable discussions with leaders in economic, scientific, engineering, and technological disciplines, and is aimed at governments, large industry players, small and medium businesses, and research institutions.<\/p>\n

\u201cAustralia has all the building blocks for a thriving innovation ecosystem, and so much potential to grow our impact, our wellbeing and our economy,\u201d said ATSE CEO Kylie Walker in a press release<\/a>. \u201cBetter systems and structure to connect and empower researchers, investors, startups, policymakers and innovators can provide fertile ground for lucrative new national industries to flourish.\u201d<\/p>\n

The report aligned its recommendations to four outcomes: innovation-ready institutions, improved collaboration, increasing innovation investment, and improved impact measurement.<\/p>\n

<\/span>Recommendations for innovation-ready institutions<\/span><\/h2>\n
    \n
  • Consider the commercialisation potential of research projects as well as traditional academic metrics like publications and citations in promotion decisions.<\/li>\n
  • Implement programmes for IP development to boost researchers\u2019 engagement with industry.<\/li>\n
  • Integrate commercialisation awareness and pathways throughout the research process.<\/li>\n
  • Establish policies for managing conflicts of interest where researchers have spun out a company.<\/li>\n
  • Encourage diversity in innovation activities.<\/li>\n<\/ul>\n

    <\/span>Recommendations for improving collaboration<\/span><\/h2>\n
      \n
    • Implement programmes and provide infrastructure that facilitate collaboration between small and medium businesses and researchers.<\/li>\n
    • Evaluate existing innovation programs and scale the high-performing ones across government departments and jurisdictions.<\/li>\n<\/ul>\n