As SERD Review Concludes, Focus Must Shift To Commercialisation, Productivity And Execution

As the Strategic Examination of Research & Development (SERD) draws to a close, Australian Industry Group acknowledges the constructive engagement and open dialogue that has characterised the review process.

Australian Industry Group and its members welcomed the opportunity to participate in recent roundtables and to share industry perspectives on how Australia's R&D system can better deliver for business, the economy and national productivity.

"There is much to like at a high level in the SERD proposals, particularly the recognition of the need for a more focused, coordinated and outcome-driven approach to R&D and innovation," Australian Industry Group Chief Executive Innes Willox said.

"However, members also need clarity around transition timelines and implementation details. Certainty in these areas is essential for businesses to plan, invest and adapt with confidence as any proposed reforms are rolled out."

Australian Industry Group submissions have consistently highlighted that Australia's R&D system must be judged by its ability to translate research into real-world commercial outcomes.

Despite world-class research capabilities, Australia continues to lag on productivity growth and the conversion of research into new products, services and jobs.

"Business R&D is the engine of commercialisation and economic growth," Mr Willox said.

"Any uplift in foundational research funding must not come at the expense of support for business-led innovation.

"Without a relentless focus on commercialisation, we risk repeating the mistakes of the past — more funding, but little impact on productivity or economic outcomes."

Australian Industry Group responses also caution against the use of subjective criteria such as "ambition" in determining access to R&D support.

"Linking R&D support to subjective assessments of ambition or growth introduces dangerous uncertainty," Mr Willox said.

"Genuine innovation often involves delayed outcomes and risk-taking. Policy settings must support, not penalise, the very risk-taking that drives productivity gains."

While Australian Industry Group welcomes many of the proposed solutions of the SERD review, it says execution will be the true test of success.

"Australia has a long history of well-intentioned policy announcements that fail to deliver meaningful outcomes due to poor implementation," Mr Willox said.

"Our members are clear: meaningful change cannot wait, and the focus must now shift to delivery and execution.

"Australia's productivity challenge is well known, and the solution lies in turning great ideas into commercial success stories.

"That means putting business R&D, commercialisation and measurable outcomes at the heart of reform — and ensuring these ambitions are executed effectively."

Australian Industry Group stands ready to work with government and all stakeholders to ensure these reforms are implemented effectively and deliver the productivity, commercialisation and economic outcomes Australia needs.

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