Cooperative Research Australia has welcomed the reaffirmation of the Government’s commitment to the Cooperative Research Centres (CRC) Program in the 2022/23 Federal Budget as a great example of policy continuity and investment in a program that works.
“We are preparing to celebrate 30 years of Australian innovation and translation of research to social, economic, environmental and commercial outcomes tomorrow with an Innovation Showcase at Parliament House.
“The ongoing value of the CRC Program to Australia is well understood. It is a flagship in the innovation system.
“We welcome the Morrison Government’s ongoing commitment to it – and the gains that it creates,” said Cooperative Research Australia Chief Executive Officer, Jane O’Dwyer.
“We are delighted to see that the Government continues to support the Program with an investment of more than $972.5 million over the forward estimates. It is a significant investment, but one that provides extraordinary return in terms of commercial, economic, and social benefits for Australia.
“Successive reviews have confirmed that real benefit to Australia of the program – with the previous Impact Assessment estimating that between 1992 and 2017, the CRC Program added 0.03 percentage points of GDP growth per year to the Australian economy, generating more than $14 billion in direct economic benefits to the nation from CRC produced technologies, products and processes.
“With a new impact assessment due to be handed down, there is a real opportunity in future budgets to supercharge the program as a major driver of economic transformation, national wealth and the creation of new jobs for Australians.
“The program is a demonstration of the value of long-term, secure and bipartisan investment in Australian capacity.
Cooperative Research Australia also welcomed extension of the Patent Box to the agricultural sector and low emissions technology, investment in a Regional Accelerator and confirmation of the University Research Commercialisation Package.
Media enquires:
Louise Reid
Cooperative Research Australia
Marketing and Communications Manager
Email: louise.reid@cooperativeresearch.org.au
Phone: 02 6260 4211