Submission to The Treasury’s Economic Reform Roundtable Consultation

This submission to Treasury’s 2025 Economic Reform Roundtable consultation maintains that health and medical research, development and innovation should be a central pillar of the Government’s productivity agenda. Research Australia states that every dollar invested in Australian health and medical research returns close to $4 to the economy, and maps the sector’s contribution to each of the Government’s five productivity pillars, from economic resilience and net zero to workforce, data and digital technology, and more efficient care. It sets out seven priority reforms. These are a National Health and Medical Research Strategy covering the pipeline from discovery to commercialisation, sovereign capability, a bipartisan national health data framework and artificial intelligence (AI) capability; a national culture of innovation excellence with an independent monitoring and evaluation body; funding reforms including a measurable path to research and development (R&D) investment of at least 3% of gross domestic product (GDP), funding the full cost of research, a model similar to the US Biomedical Advanced Research and Development Authority (BARDA), investment in the Australian Centre for Disease Control, a clinical trials one stop shop and data infrastructure, more philanthropy and access to Horizon Europe; a National Health and Medical Research, Development and Innovation Workforce Plan supporting circular mobility and addressing gender disparity in research leadership; incentives for industry engagement such as de-risking investment, streamlined regulation, innovation precincts and industry PhDs; and greater emphasis on prevention, early intervention and equity.