Innovation
“You can go through list after list of extremely competent research executed at Australian universities just waiting for an opportunity to be commercialised into global supply chains.”
Göran Roos, Honorary Professor, Warwick University, United Kingdom
Australia’s research credentials, coupled with an advanced innovation framework, high levels of investment in research and development (R&D) and strong intellectual property protection make Australia a compelling destination to bring new ideas to life.
Australia’s track record in world-class innovation offers opportunities for investors to capitalise on a high-quality body of research with high potential for commercialisation.
The Australian Government is committed to innovation, recently launching an A$1 billion innovation program including A$500 million for innovation precincts and a separate investment fund to help highly promising start-ups.
An R&D tax incentive is available to eligible businesses as a refundable offset of up to 45 per cent. In addition, Australia has launched a A$37.4 billion broadband network to take high-speed Internet to nearly every home in the country.
Australia’s intellectual property (IP) protection is one of the strongest in the world. New laws also strengthen patents, clarify guidelines for researchers, and simplify the IP system.
Innovation credentials
- Total R&D investment has trebled in the past 10 years and Australia’s R&D spend has increased by almost twice the OECD average.
- Australians have invented or helped develop the bionic ear, Google Maps, high-speed WiFi, the world’s first cervical cancer vaccine—Gardasil and spray-on skin for burn victims.
- Australia is home to world-class universities and research institutions including six of the world’s top 100 universities.
- Australia’s national science agency CSIRO ranks in the top one per cent of scientific institutions in the world.