Chris Evans: Investment in Australian science and research key to strong economy

Strong investment in Australian science and research is key to driving higher productivity and forging a strong and sustainable economy, according to Minister for Tertiary Education, Skills, Science and Research, Senator Chris Evans.

In a keynote address to the Science Meets Superannuation summit in Melbourne on 6 March, Senator Evans said it was important to create partnerships between the science and research industry, universities and the private sector.

“We have enormous potential sitting right here on our doorstep,” Senator Evans said. “The government has increased spending on science, research and innovation by 43% since 2007-08 and will invest $9.4 billion this financial year.

“We need to encourage investment partnerships between business and the science and research communities. We need to make sure the innovative research and ideas coming from Australia are developed and capitalised here. Boosting investment in science and research will ensure opportunities created right here at home don’t slip from our grasp,” he continued.

Senator Evans said the government was committed to ensuring world-class Australian science and research by encouraging greater investment across the board.

“Getting more investors on board in the early stages of the innovation cycle will help strengthen the pre-commercialisation phases of research and development,” Senator Evans said.

“The superannuation sector provides a great model for further investment opportunities, given its strong track record of investing in privately managed venture capital funds and commercialisation partnerships with universities.

“An investment of 0.5% of Superannuation Funds into science and research would amount to a staggering $6.5 billion. That is a huge investment into furthering Australia’s competitiveness in the knowledge-based economy of the 21st century.

“The potential for science and research investment in Australia is significant - from our large-scale science activities like the square kilometre array telescope, through to smaller ventures that could lead to the next miracle cure, revolutionary invention or medical discovery.

“Projects like these have the potential to earn the nation, and their investors, billions. Given the right support, Australian scientists and researchers have what it takes to lead the way.”