The Albanese Government is investing more in research and development with $12.6 billion being injected to support Australian know-how this year.

The latest Science, Research and Innovation (SRI) Budget Tables published today show an estimated increase of 2.7 per cent compared with last year.

This investment includes $9.2 billion in direct support for R&D including support for institutions such as the Commonwealth Scientific and Industrial Research Organisation (CSIRO), as well as $3.4 billion for businesses undertaking research through the Research and Development Tax Incentive (R&DTI).

This support comes on top of the Government’s other investments to back industry, grow our manufacturing capability and drive further R&D over the longer-term, such as the $15 billion National Reconstruction Fund, $392 million Industry Growth Program, and the National Quantum Strategy.

To read more about the SRI Budget Tables visit: https://www.industry.gov.au/publications/science-research-and-innovatio…

Quotes attributable to the Hon Ed Husic, Minister for Industry and Science:

“After a decade of going backwards, today’s data shows green shoots are finally emerging in terms of investment into research and development.

“While this will be heartening news for our R&D community, we know the hard work has only just begun.

“Strong R&D investment is crucial to a modern economy because great ideas create great products and secure jobs.

“Our Future Made in Australia plan is all about leveraging every opportunity to grow our industrial capabilities, linking up our research and development efforts with initiatives like our $15 billion National Reconstruction Fund and our $392m Industry Growth Program.”