Australia’s research and development ‘far off pace’ with the world

Australia’s research and development spending is “far off the pace” of the rest of the world, KPMG Chief Economist Brendan Rynne says. “If we’re wanting to be a knowledge nation, leading innovation, then that’s certainly one area of policy reform and improvement that not only the federal government but state governments should be looking to improve,” he said. Mr Rynne said the issue with research and development was the “highly volatile” nature that came with it. “Businesses need to be usually in a large degree of profit for them to want to spend on research and development," he said. Image: Getty

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