Innovation and research are the driving forces involved in increasing living standards.
Our government is blind.
On one hand they are telling us that R&D is important and then they slash funding.
The Australian government's investment in research and development has dropped to its lowest level in 30 years, yes 30 years!
Spending has fallen to 2.2 per cent of total budget expenditure, the lowest share since 1984-5.
This is the third consecutive year governments spending has fallen as a share of either GDP or total budget spend.
Why should we worry, well when science spend falls, innovation falls and this is what drives improvements in living standards of that there is no doubt. This is what we are being told by this very government.
Science and innovation spending has fallen to its lowest share of GDP in 25 years.
There is ample proof that public investment in research increases productivity.
A 2012 study found investment in basic research led to 30 times more economic growth than investment in physical capital such as infrastructure. Investment in applied research led to 10 times more growth.
Our so called lucky country also has to be a clever country or our luck will run out.
We will be ill-prepared for future challenges, other nations are investing in R&D and powering ahead and will the reap the rewards.
What are we doing, well we are reducing investment, is this something a clever country would do, no its bloody stupid!
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