Research and innovation key to driving productivity

The Australian Council of Learned Academies (ACOLA) has released a report that points to the central role research and development have to play in driving the future Australian economy.

The report, entitled The role of science research and technology in lifting Australian productivity, makes 25 key findings about Australia’s current performance and outlines opportunities to boost innovation-driven productivity.

It suggests that improved productivity in Australia will require increased investment in research and development, a commitment to innovation and better opportunities for collaboration between business and research.

The report also suggests that the success of Australia’s future manufacturing industries will depend on technological innovation.

“This report, confirms … the importance of innovation, science and research to Australia as critical drivers of productivity and the building of future industries,” said Dr John Bell, chair of the ACOLA Expert Working Group and Senior Policy Adviser to the Academy of Technological Sciences and Engineering.

“The report [also] confirms that there is an urgent need for Australia to look at measures to increase innovation. Current measures are inadequate and Australia is lagging behind key international competitors, many of whom are rapidly growing their investment in research and innovation.”

ACOLA is made up of the Australian Academy of Science, the Australian Academy of Technological Science and Engineering, the Australian Academy of the Humanities and the Academy of the Social Science in Australia.