Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

I thank Senator Carol Brown for that question. This budget delivers the biggest boost to Commonwealth investment in research and innovation on record. It dramatically increases Australia’s ability to turn ideas into jobs. The research and innovation budget for 2009-10 is $8.6 billion, up 25 per cent on this financial year. This is the biggest commitment and the biggest increase since records began 30 years ago. It gives immediate effect to the government’s Powering Ideas: An Innovation Agenda for the 21st Century. The budget package includes major infrastructure programs that will create jobs for today and a rich legacy of high-quality assets that will deliver lasting benefits to the Australian community long after the global recession has passed into history.

It also delivers landmark reforms to drive excellence and collaboration. This will ensure that the taxpayers get the best possible return on their investment. We are investing in research and innovation in these hard times because we know this is one of the best ways to stimulate the economy, to accelerate recovery and equip Australia for the future. Innovation is the key to reversing the damage done by those opposite. This includes making the Australian economy less productive, which was their legacy throughout their term of office. Not many governments can say that they have done what we have done. What we have done is to produce a budget for this country for the future. Innovation is the key to increasing Australia’s productivity. It is a key to creating quality jobs and building new industries. It is vital to Australia’s future. (Time expired)