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Time to reverse the R&D slide

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The article from the Australian Financial Review discusses the urgent need to reverse the decline in Australia's research and development (R&D) investment. It highlights that Australia's R&D spending as a percentage of GDP has been falling, placing the country behind other OECD nations. The piece points out that while the government has introduced measures like the R&D Tax Incentive, these have not been sufficient to stem the decline. Key issues include a lack of business investment in R&D, with many companies opting to conduct their research overseas where incentives are more attractive. The article calls for a comprehensive policy overhaul to boost innovation, suggesting increased government funding, better incentives for businesses, and fostering a culture that values and supports scientific research. It also mentions the potential economic benefits of increased R&D, such as job creation, productivity growth, and enhanced global competitiveness.

Read the Full The Australian Financial Review Article at:
[ https://www.afr.com/policy/economy/time-to-reverse-the-r-and-d-slide-20241202-p5kv7k ]


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