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flag Australia’s R&D spending lags behind global leaders, prompting a major report to boost innovation through funding, tax incentives, and national pillars.

flag Australia’s innovation sector faces a crisis, with R&D spending at 1.69% of GDP, well below global leaders. flag A major review, *Ambitious Australia*, urges sweeping reforms to boost competitiveness, including a 50% increase in PhD stipends, tax incentives for industry research, and six national innovation pillars in key sectors. flag The report calls for a unified strategy, new oversight bodies, and sustained investment to turn research into economic growth, warning that without bold, coordinated action, living standards will decline.

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