Australian firms are increasing their investment in research and development according to the latest Australian Bureau of Statistics figures.
Innovation Minister Senator Kim Carr welcomed new figures which show business expenditure on research and experimental development (BERD) reached $16.9 billion in 2008-09, a strong increase of 13 per cent in current price terms on the previous year.
“These figures show that Australian firms are committed to innovation. It shows they are keen to develop new products and services and to reap the immense benefits that come from being innovative,” Senator Carr said.
“To have such a significant growth in BERD, especially over a period that covers the Global Financial Crisis, is a testament to the resilience and confidence of the business community. It demonstrates that businesses understand that innovation and R&D are critical to their long term planning and prosperity.”
According to the figures, BERD, as a percentage of GDP, increased to 1.34 per cent in 2008-09 from 1.26 per cent in 2007-08.
This growth lifted Australia from 14th to 11th among the 30 OECD countries.
The full report is available at: www.abs.gov.au