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

The total Commonwealth allocation for research and innovation in the year ahead will be $8.6 billion. That is a 25 per cent increase on the previous year. This is the biggest increase and the biggest commitment on record. A recent OECD report confirmed that global patent activity and R&D spendings have moved in lockstep with GDP over the last three decades, increasing during periods of growth and collapsing during periods of recession. The Australian government is determined to counter this cycle. By keeping the innovation pipeline open now, we can give Australia a head start in the race to secure the jobs and the industries of the future when recovery comes. The Australian Laureate Fellowships scheme will allow the research team it supports to take more risks and develop bolder ideas. (Time expired)