OPINION: A review into the innovation system would be timely if we seek to achieve the productivity gains Treasury has built into its forecasts.
Near on a decade of neglect has left Australia’s national innovation system in a lamentable state.
So, it is strange that the working drafts of the Labor Party’s new platform have omitted this target. Basic research funding has slipped to just 22 per cent of total funding, a tipping point that threatens the viability of the entire research value chain. Without new knowledge, there can be no commercialisation.
On average, a government grant only provides 46 per cent of the cost of research, requiring the university to find the other 54 per cent from other funding sources. In effect, this means universities have been asked to subsidise the research effort by government and business by transferring money from international student fee revenue and other teaching income. That means taking money away from other equipment, facilities and staffing.
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