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How can Australia generate a $52 billion windfall from Science?

The Prime Minister , Albert Albanese is in full support  of helping to commercialise Australian science, with a focus on clean technologies and local manufacturing.

Upskilling Scientists to Commercialise their Inventions 

Science and Technology Australia (STA), a group representing more than 90,000 Australian scientists and technologists met at the National Jobs Summit this week . They believe that with Government  support there is an opportunity to generate tens of billions of dollars for the economy. 

At the symposium , the group believes that a  “modest investment” in training 2000 entrepreneurial or “bench to boardroom” scientists would generate a $52 billion economic windfall.

Keeping Manufacturing in Australia 

Albanese agreed and said the manufacturing bases of the companies capitalising on clean technologies like electric vehicles should be in Australia.

“We need to support the likes of Tritium, a Queensland electric vehicle fast charger company which this week opened a US manufacturing facility. These facilities should be in Australia “ says the Prime Minister 

“How amazing would it be if we can be seen to be an exporter of renewable energy.”

“There wouldn’t be a solar panel in the world that doesn’t have some intellectual property that was invented by an Australian scientist… and yet we haven’t commercialised that opportunity. We need to be better at it, and we’re determined to be better at it,” Mr Albanese said.

“We need to seize the opportunity which is there.”

Creation of Centres of Excellence 

STA president Professor Mark Hutchinson, 

from the University of Adelaide, and a director of the ARC Centre of Excellence for Nanoscale BioPhotonics, says that the centre has  created 16 startups with a combined market capitalisation and market value of nearly $520 million .

These centre of excellence should be rolled out , as that conservative level of success would not just create a wealth of new jobs for Australians, it would kickstart whole new industries and create an economy powered by science,” STA chief executive Misha Schubert told Startup Australia 

Government support in USA is huge – Australia should take note 

The USA is  supporting in American science, technology, research, manufacturing and education with the recent US CHIPS and Science Act investing a record $52 billion

“Australia should be every bit as ambitious for our science and technology ambitions,” Ms Schubert said.

The Prime Minister seems to agree . We look forward to action being taken in this sector

Onwards and upwards!



Posted on August 31, 2022

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