The Australian Vice-Chancellors' Committee (AVCC) has today welcomed the announcement by the Treasurer Peter Costello and Minister for Education, Science and Training, Ms Julie Bishop of the Productivity Commission Review into the benefits of public investment in science and innovation in Australia.
AVCC President Professor Gerard Sutton said that the review is a positive step forward in realising Australia's research and innovation capability.
"Australia's economic, social and environmental future depends on effective investment in research and innovation and this review will demonstrate the benefits of current investment, as well as increased investment in Australia's research, science and innovation capacity," Professor Sutton said.
"To ensure that there is effective investment in science and innovation Australia needs to set a target for national investment that is comparable to those set internationally.
"Backing Australia's Ability and Backing Australia's Ability: Building our future through Science and Innovation" provided a solid foundation for research and innovation. Australia now needs to maintain and build on this momentum, and the productivity commission review will do just that.
"The AVCC has set a proposed target where it has lobbied for national investment of 2 % of GDP by 2010 and 3% by 2020.
"This would keep Australia inline with our global competitors such as China which has set a target of increasing R&D to 2.5 % of GDP by 2020 and Europe which aims to increase investment to 3% of GDP by 2010," Professor Sutton said.
In Australia, private sector investment is crucial to the success of a national research and innovation strategy. There also needs to be an increased emphasis on incentives for private sector investment in research and innovation particularly in universities since the core of Australia's research capacity lies within our universities.
The AVCC is very pleased with the Government's focus on Australia's research and innovation and innovation sector, and looks forward to working with the Government through the Productivity Commission Review.
The AVCC has previously called for a National Innovation Strategy which took account of government funding of R&D, total funding available for R&D and looked at improving Australia's core research capacity.
"This study by the Productivity Commission can be the first step in the development of such a strategy" said Professor Sutton.
Estimated investment in Australian R&D: the gap to 2%
As GDP grows the total investment needs to increase so that the AVCC target of 2% can be reached
-ENDS-
Media Inquiries Callista Punch - phone: (02) 6285 8206 or 0400 166691
