The Business Council is a strong supporter of the government’s focus on research commercialisation and today’s investment will be crucial to our economic success for decades to come, Business Council chief executive Jennifer Westacott said.

“The government’s $2.2 billion package will significantly improve Australia’s ability to commercialise our best ideas and innovations, scaling them up to create exciting new industries, new exports and new highly skilled jobs for Australians.

“Australian businesses are ready, willing and able to invest in the new innovations and solutions of tomorrow. Today’s common-sense package, which was closely developed with business and universities, will boost the collaboration needed across sectors and not only help develop our best ideas here, but turn them into global success stories.

“Importantly, the new 3-stage research commercialisation scheme helps align research with the government’s modern manufacturing priorities and we welcome additional funding for the CSIRO venture capital fund.

“Building on the trailblazer universities fund announced last year, we support the additional $296 million to fund 1,800 additional PhDs and 800 fellowships in industry-focused disciplines. We want our researchers to follow more career pathways as entrepreneurs, moving between academia and industry.

“The only way Australia can thrive in the future is through innovation and universities play a critical role in this.

“Investing in universities and research commercialisation is investing in our economic future. Businesses know that universities are one of Australia’s key economic and strategic assets.

“Stronger partnerships between researchers and businesses of all sizes will bring together expertise, industry nous and the investment needed to back promising research.
“Business looks forward to continuing to collaborate closely with government and universities to build a new era of innovation and entrepreneurship to drive our economic recovery.”