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New data shows green shoots on R&D investment: Husic

Manufacturing News

The federal government has published the latest Science, Research and Innovation budget tables, and will spend $12.6 billion in the 2023 – 24 financial year, made up of $9.2 billion in direct R&D and $3.4 billion through the Research and Development Tax Incentive.

According to a statement on Thursday from industry minister Ed Husic, the tables show spending increased 2.7 per cent on last year

“After a decade of going backwards, today’s data shows green shoots are finally emerging in terms of investment into research and development,” said Husic.

“While this will be heartening news for our R&D community, we know the hard work has only just begun.

“Strong R&D investment is crucial to a modern economy because great ideas create great products and secure jobs.”

The tables show historic spending on science, research and innovation from the years 1978–79 to 2023–24. (Click here for more information.)

Information covered also includes innovation activity by industry, and business expenditure on R&D (BERD.)

More to come…

Picture credit: NSW Labor

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