The Albanese Government is investing more in research and development with $12.6 billion being injected to support Australian know-how this year.
The latest Science, Research and Innovation (SRI) Budget Tables published today show an estimated increase of 2.7 per cent compared with last year.
This investment includes $9.2 billion in direct support for R&D including support for institutions such as the Commonwealth Scientific and Industrial Research Organisation (CSIRO), as well as $3.4 billion for businesses undertaking research through the Research and Development Tax Incentive (R&DTI).
This support comes on top of the Government’s other investments to back industry, grow our manufacturing capability and drive further R&D over the longer-term, such as the $15 billion National Reconstruction Fund, $392 million Industry Growth Program, and the National Quantum Strategy.
