Australia’s peak tech industry lobby has urged the federal government to adopt an R&D investment target of 2 per cent of GDP by 2035, putting it at odds with other industry groups and the research community.
The proposal would shave a full percentage off the 3 per cent target that has become a consensus view among the country’s leading science, research and business groups in recent years.
But Tech Council chief executive Damian Kassabgi says the goal is a more “realistic” given Australia’s R&D spending has been trending down since 2008 and now sits a whole percentage point behind other developed nations.
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