As the national peak body for the health and medical research and innovation sector, Research Australia continues to be highly engaged with the national productivity agenda. Over the past year, Research Australia has responded to multiple public consultations, including the Productivity Commission’s Five Pillars of Productivity Inquiries, attended invitation-only Roundtables, and utilised our policy and advocacy platforms to consistently highlight the fundamental role health and medical research and innovation is, as an essential and crosscutting enabler of productivity.
It is well established that every $1 invested in health and medical research yields close to $4 to the Australian economy, making public expenditure in the sector budget positive, economically generative and a multiplier of productivity. Investment in health and medical research and innovation is productivity reform – it grows the workforce, drives efficiencies in the health system and reduces costs, and builds high-value industries.
Read our full submission to the Select Committee here.