Research commercialisation boost essential to reach our economic potential

More Australian businesses will be able to scale-up and commercialise innovative technologies under a new package announced by the Federal Government today. Proactive policies to capitalise on industry-university collaboration will be critical to modernising industry, creating new jobs, and realising our economic potential.

“Some of the best and brightest researchers in the world are right here in Australia, but we can do much better to enhance collaboration between universities and industry.  The $2.2 billion investment to strengthen research commercialisation will empower businesses to grow and export our innovations globally,” ACCI chief executive Andrew McKellar said.

“The new Economic Accelerator program and an expansion to the CSIRO Main Sequence Venture Fund are a crucial boost to Australian businesses and research institutions.  It will allow Australia’s best innovators and entrepreneurs to access the capital necessary to develop their products locally, rather than needing to look overseas to realise their full potential.”

“This support for business innovation is particularly critical as we emerge from COVID over the next few years.  Capitalising on innovation will grow business investment, drive productivity gains, and increase economic activity.”

“The OECD has estimated that innovation accounts for 50 per cent of long-term economic growth in advanced industrial countries. It is vital that we keep Australian innovation in Australia if we are to maintain and improve our future living standards.”

“ACCI has long advocated for greater collaboration between industry and research and development organisations.  Business is ready to work with the university sector to develop new creative ideas and innovations, building momentum towards an advanced Australian economy.”