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Australia's innovation lag persists despite strong universities, as low business R&D spending and weak industry-university ties hinder tech commercialization, prompting a $20M tech firm initiative and national campaign to boost local innovation.
Australia ranks 30th globally in innovation despite strong universities, as business R&D investment falls to 0.88% of GDP—well below the OECD average—due to structural barriers in turning research into commercial success.
A major tech firm has launched a $20 million initiative to support local start-ups and retain technical talent, part of a national push to boost "Australian-made" goods through a large-scale advertising campaign.
Experts cite weak industry-university links, a shrinking base of domestic firms, and multinational advantages as key challenges, urging reforms like flexible tax incentives and stronger partnerships to close the innovation "translation gap" and ensure long-term economic resilience.
El retraso en la innovación de Australia persiste a pesar de las fuertes universidades, ya que el bajo gasto en I + D de las empresas y los débiles lazos entre la industria y la universidad obstaculizan la comercialización de la tecnología, lo que provocó una iniciativa de empresas tecnológicas de $ 20M y una campaña nacional para impulsar la innovación local.