Prime Minister Malcolm Turnbull has announced a $1.1 billion investment in innovation through a National Innovation and Science Agenda.
“Companies that embrace innovation, that are agile and prepared to approach change confidently and with a sense of optimism are more competitive, more able to grow market share and more likely to increase their employment,” the Prime Minister said.
“The mining construction boom has been great for Australia. It has driven growth in incomes, but, as we have seen, the mining boom inevitably has receded. What is going to drive Australian prosperity in the years ahead? How does our economy transition?”
He said, while Australian businesses, universities and research organisations like the CSIRO are among the best in the world, the country is falling behind on measures of commercialisation and collaboration, consistently ranking last or second last among OECD countries for business-research collaboration.
He nominated four priority areas in the agenda: culture and capital, to help invest in ideas and commercialisation; collaboration, increasing cooperation between different sectors; talent and skills, to encourage the study of subjects like engineering and science; and for the government to lead by example in the way it invests in and uses technology and data to deliver better quality services.
There was some criticism of the announcement with the Opposition welcoming the investment but pointing out it was still a fraction of the $3 billion cut from innovation, science and research since the government came to power in 2013. However, most people were positive in their responses.
Engineers Australia CEO Stephen Durkin applauded the announcement, saying it was a strong first step towards a high-tech, knowledge based future, but there needed to be many more.
“It is time for Australia to move from an economy based on mines, to one based on minds,” he said.
“To redefine Australia as a culture which values science, technology, engineering and mathematics (STEM), and cultivates ideas from concept through to customer, will take a sustained effort across all areas of government and industry.”
The Australian Academy of Technological Sciences and Engineering (ATSE) also supported the announcement.
“We congratulate the Government for taking a balanced approach in which both research excellence and end-user engagement contribute to the block grant funding formula,” said ATSE President Dr Alan Finkel.
“This long-term and thoughtful set of policies that substantially improves the research and innovation ecosystem will be well-received.”
Detail of the National Innovation and Science Agenda can be found at www.innovation.gov.au