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Australia stands at a pivotal moment where urgent funding could unlock breakthroughs in clean energy, battery technologies, and artificial intelligence. A report from the Australian Academy of Technological Sciences and Engineering emphasizes the need for policy changes to enhance local research and development. Currently ranked 24th in innovation globally, Australia risks falling further behind without immediate action to increase investment and collaboration between businesses and research institutions.
The report advocates for tax incentives and a strategic increase in research spending to 3% of GDP, up from 1.68%. It highlights the potential for Australian innovations, particularly in clean energy and AI, to not only benefit the local economy but also have a global impact. The call for stable, long-term funding and a culture shift in investment practices is crucial for transforming groundbreaking discoveries into commercially viable products.
• Australia's innovation ranking could improve with increased funding and collaboration.
• Urgent policy changes are needed to commercialize local AI and clean energy innovations.
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