Leading tech science and engineering academy says key to a strong local economy is building a skilled STEM workforce and a boost to research and development to 3% of GDP by 2030. 

Australia can be a global tech leader if we champion our research and innovation. ATSE proposes a smart strategy for R&D and calls for a national R&D investment target of 3% of GDP expenditure by 2030. 

Research and development (R&D) and a STEM-skilled workforce are Australia’s economic powerhouses. A commitment to innovation and tapping into skills across the country can benefit Australians by building a resilient economy.  

Innovation and education investment gives Australia the best chance to tackle climate change, future pandemics, antimicrobial resistance, and food and water security, as outlined by the Australian Academy of Technological Sciences and Engineering (ATSE), and find new opportunities for Australia to shine on the world stage. 

ATSE’s recommendations for supercharging the Australian economy are:  

• Boost R&D funding to 3% of GDP, including investment from industry 

• Prioritise science, technology, engineering and mathematics (STEM) education for all in schools 

• Strengthen post-secondary STEM skills programs 

• Ready Australia for the energy transition through R&D investment  

• Build opportunity for Australia’s digital innovators to shine on the world stage 

• Reduce emissions by targeting energy demand 

ATSE recommends the government implements a long-term strategic plan for industry engagement in R&D. This approach underpins the success of peer nations and has been successfully implemented in Australia before through Queensland’s former Smart State initiative. 

ATSE CEO Kylie Walker says the Federal Budget provides an opportunity to build the foundations for Australia’s future economic growth.  

“The 2025 Budget offers the Federal Government a unique chance to unlock the full economic potential of Australia’s growing research and development sector. Strategic investment in R&D, backed by industry, guarantees that our nation is first in line as we all combat a changing climate, emerging disease and shoring up our food and water resources.  

As rapidly-evolving tech continues to take centre-stage as an economic driver, ATSE is also highlighting the need for a stronger national focus on STEM literacy and education – leading to opportunity. 

“This all begins in our schools. A STEM skilled workforce is in huge demand. We want to grow up our workforce. We are working side by side with educators, industry and government to build a diverse and capable STEM workforce of the future” says Kylie Walker.