“Australia has one of the lowest levels of government support for research and development” - why is this? If we are going to get rid of dirty industries (eg coal exports) then they will need to be replaced by smart, new, clean and green hight-tech industries. However, there seems to be a long standing unwillingness by Australian companies to invest heavily in R&D - is this because the banks don’t like lending for stuff that isn’t “safe”?
“In recent years the medicines industry has been the Australian manufacturing sector’s biggest hi-tech expert earner. The global pharmaceuticals market, which is worth about $890bn, is expected to be worth nearly $2 trillion by 2020.”
This is the sort of direction Australia should be going in!
“The results show that for every $1 spent on research, at least $2 was generated in additional economic output, with this figure much higher in several studies. There are, of course, limitations with this data, particularly with regards to when the returns will be made, but there is general agreement that spending on science generates jobs and economic growth.”
Certainly the current Federal Government isn’t helping things by slashing funding to organisations like CSIRO! The Federal Government should be leading the charge with it’s own expenditure and making it more attractive to companies to spend more on R&D! If we are going to survive, we need to spend like Israel does on R&D.