A crucial member of the science establishment has signed on to the plan for government control of R&D. And it wants superannuation savers to pay for some it.
The Australian Academy of Technological Sciences and Engineering backs the overall intent of proposals from Robyn Denholm and colleagues’ Strategic Review of Research and Development to create a national R&D strategy controlled by a government board.
AATSE sets out its position in a response to the latest SERD discussion papers, which appear to signal final recommendations to Industry and Science Minister Tim Ayres.
The Academy backs a “national coordinating body” to “streamline” funding and “set a long-term strategic direction” through a ten-year national plan but with, “ability to add new priorities as required.”
The Academy also has ideas for greater government engagement, including local manufacturing supported by the National Reconstruction Fund as a “necessary component of a well-developed local R&D ecosystem.”
And the Research and Development Tax Incentive will have to change, “with the government having little control over the goals of the R&D conducted, making it difficult for a coordination body to set a national strategic direction.”
Plus, superannuation schemes could kick the R&D tin through “a small minimum Australian R&D investment mandate or investment options.”
AATSE estimates a “mandate of just 0.1%” could deliver $4bn for research and development, four times the Australian Research Council’s annual competitive grants.
“Crucially this will make almost all Australians investors in R&D and could help build an investment culture that is far more comfortable investing in Australian R&D, helping to generate further investments as investor confidence grows.”