Australia must 'level up' on our outlays in income-generating R&D and research translation to tackle the vast structural economic, social and budget challenges ahead, the nation's peak body for science and technology has said.
Science & Technology Australia Chief Executive Officer Misha Schubert said the Intergenerational Report's forecasts made an urgent case for STEM investment.
"A slowing economy, a major productivity challenge, a dropping birth rate, and a long-term COVID hangover sharpen the imperative for clever investments now to put Australia on a path to become a global science and technology superpower," she said.
"The clear message from this report is that Australia needs to level up its investments in future income-generating R&D and research translation to tackle the challenges ahead. Science and technology are the answer to every one of them."
"In a world advancing technologically at breakneck speed, the key to future prosperity for Australia will be our ability to be at the forefront of the big advances in science, engineered solutions and the emerging technologies of AI and quantum."
"Nailing those capabilities will help Australia to solve the big social, economic and budget challenges coming our way – including in health care and aged care."
Science & Technology Australia's recent policy vision – Australia as a STEM Superpower – contains many of the answers on how the nation can meet the challenges highlighted in today's Intergenerational Report.
"An ambitious strategy to level up Australia's R&D investment should begin with a new $2.4 billion research translation and commercialisation fund and a national R&D target of 3 per cent of GDP to peg ourselves to key global rivals."
