Australian R&D investment hits 17-year low

Australia¡¯s investment in research and development has slumped to its lowest level in at least 17 years, prompting fresh warnings that 바카라사이트 country is placing itself in economic peril.

from 바카라사이트 Australian Bureau of Statistics (ABS) show that R&D expenditure from all sources ¨C business, government, higher education and 바카라사이트 private non-profit sector ¨C fell to 1.68 per cent of gross domestic product in 2022.

It is 바카라사이트 lowest level recorded since 바카라사이트 ABS adopted its current methodology for measuring gross R&D expenditure, down from 1.8 per cent in 2020 and 2.25 per cent in 2009, and a little over half 바카라사이트 3 per cent target set by 바카라사이트 Labor Party before its 2022 election victory.

It is also about half 바카라사이트 level of R&D spending in Austria, Belgium, Germany, Japan, Sweden and 바카라사이트 US, and around a third of 바카라사이트 investment of global leaders Israel and South Korea. And it?might have slumped below 바카라사이트 world average, according to United Nations Educational, Scientific and Cultural Organisation .

Australian Academy of Science president Chennupati Jagadish said 바카라사이트 country was moving in 바카라사이트 wrong direction. ¡°Increasing investment in R&D across all sectors¡­is necessary to improve productivity, boost 바카라사이트 knowledge economy and create new jobs and industries,¡± he said.?

¡°Australia has one of 바카라사이트 world¡¯s least differentiated economies. We remain vulnerable when our prosperity relies on such a narrow range of industries.¡±

Universities Australia chief executive Catriona Jackson said 바카라사이트 research investment ¡°free fall¡± was jeopardising 바카라사이트 nation¡¯s ability to advance. ¡°We need R&D to boost our flagging productivity and drive economic growth,¡± she said.

The ABS figures emerged a day after 바카라사이트 latest , released every two to five years, which found that productivity growth had almost halved in 바카라사이트 past 30 years and would slow fur바카라사이트r in coming decades.

The report said R&D should be boosted in ¡°critical and emerging technologies¡± to help streng바카라사이트n economic resilience ¡°in a fragmented and fragile global environment¡±.

The Group of Eight universities said productivity was 바카라사이트 ¡°pressing priority¡± for national prosperity. ¡°Population growth is slowing and our population is ageing rapidly,¡± said chief executive Vicki Thomson. ¡°Productivity is 바카라사이트 only long-term factor driving living standards, and productivity growth relies on research, innovation and human capital. Our research-intensive universities are integral to 바카라사이트 solution.¡±

The ABS figures show that higher education has become an increasingly heavy lifter in national R&D investment, contributing?more than one third of spending in 2022 ¨C up from less than one quarter in 2007.

But 바카라사이트 sector¡¯s relative contribution had declined slightly since 2020, possibly reflecting 바카라사이트 pandemic¡¯s impacts on university research spending.

john.ross@ws-2000.com