Investing 3 per cent of GDP into research and development (R&D) could boost the economy by $100 billion and create 42,000 new jobs, according to new analysis. 

A transformative plan, aimed at establishing Australia as a global hub of innovation, is being put forth in a speech by Science & Technology Australia President, Professor Sharath Sriram, at the National Press Club this week. 

Professor Sriram has himself forged over $9 million in commercial partnerships, including smart bedding for aged care, wearable devices for continuous molecular monitoring, and biosensors for respiratory disease tracking. 

In his address, part of the 24th annual Science Meets Parliament event, Professor Sriram will detail strategies for achieving the 3 per cent GDP investment target. 

His speech highlights the critical role of a connected innovation ecosystem encompassing universities, businesses, and government support to translate Australian ingenuity into market-ready solutions, thereby ensuring sustainable economic growth.

Experts are concerned that Australia's R&D investment has been waning, currently standing at less than 2 per cent of GDP - a figure that pales in comparison to the more robust funding levels in the United States and South Korea. 

Professor Sriram says there would be enormous benefits to reversing the trend, with billions of dollars and thousands of jobs on offer.

“This is a conservative estimate,” he noted.

The blueprint for success, as outlined by Professor Sriram, involves an integrated approach whereby educational institutions, the business sector, and government agencies collaborate seamlessly to foster an environment where innovation thrives. 

The consequences of inaction, he warns, could relegate Australia to a position of economic stagnation and dependency.

“This ecosystem is crucial. Failing to build it will have big consequences. If we fail to diversify, if we don’t become an innovation-driven economy, then we will be a nation of consumers rather than creators, paying an ever-increasing rent to the rest of the world,” Professor Sriram cautioned.

“Unless we become a smarter country, we’re doomed to become a poorer one.”

His full address will be accessible here.