The Economics References Committee has presented its report into the Australian manufacturing industry.
Today, the Senate Economics References Committee has released the report on its inquiry into Australia's manufacturing industry, outlining it sees clear opportunities for government to provide additional R&D and commercialisation support for Australia's manufacturing industry, as well as provisions that can help address the industry's skills shortage.
While Australia's R&D performance has been put in a positive light , the reports highlights that there is insufficient support and emphasis when it comes to a national approach to R&D, commercialisation, and investment.
"It is clear from the evidence that collaboration needs to be improved both domestically and with international partners to develop the innovation and scale necessary for Australia to realise the benefits from its R&D activities," the committee stated.
"These connections need to be built between federal and state governments, higher education institutions, research organisations, manufacturing businesses and organisations, investors, and skills and training organisations. This includes encouraging international collaboration, advanced manufacturing R&D, commercialisation, investment, and support for manufacturing modernisation to improve international competitiveness."
The committee recommended the Australian government consider periodically reviewing R&D, commercialisation, and investment incentives and tax arrangements, such as the R&D Tax Incentive, while also expanding investment in growth centres and cooperative research centres to improve collaboration between training institutions and industry.
A key recommendation was to establish a Manufacturing Industry Fund, offering a range of co-investment incentives to the manufacturing industry in partnership with the private sector.
Access the report here.