Business investment in R&D has grown for the first time in almost a decade, registering a 14 per cent increase in nominal terms, while overall proportional spend has reached its lowest level in 20 years.
A new Australian Bureau of Statistics (ABS) dataset, released on Friday, reveals business expenditure on R&D (BERD) reached $20.64 billion in 2021-22, up from $18.17 billion in 2019-20.
It is the first time BERD has exceeded the $18.85 billion peak set in 2013-14 in nominal terms, although in adjusted terms it remains $30 million less.
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