Yesterday, the Government announced a review of Australia’s research and development performance.
The review will consider opportunities to drive greater R&D investment and promote more R&D initiatives nationwide, according to a joint statement from the Minister of Industry and Science, Ed Husic, and Minister for Education, Jason Clare.
“It’s been almost 20 years since we asked the hard questions about our R&D performance, despite the alarming slide over the last decade,” said Ed Husic, Minister for Industry and Science. “This review is designed to give us an evidence-based pathway to stronger growth.”
According to the statement, an independent panel will consider opportunities to:
• Maximise the value of existing investment in R&D
• Strengthen linkages between research and industry
• Support the achievement of national priorities
• Drive greater R&D investment
• Uplift Australia’s overall R&D intensity
What’s the significance for small businesses?
More support for R&D – including grants and tax refunds – is a key concern for small businesses and start-ups. Business coach Peter Cheel has seen many small businesses struggle to innovate due to lacking R&D funds.
“Limited margins make it hard to invest in R&D,” said Cheel. “Unlike large enterprises or government agencies, SMEs often lack the deep financial resources needed for sustained innovation.”
“Funding is only available to researchers to run clinical trials, but there is no funding or support available to start-ups,” said Saara Jamieson, small-business founder of Cool Beans Underwear.
A review of the system could potentially lead to more grant opportunities and innovation programs for small businesses and start-ups, though specifics won’t be known until the results of the review are released. This will be “by the end of 2025”, according to the statement from Husic and Clare.
Terms of reference for the examination are available at www.industry.gov.au/StrategicR&D.
