In its submission to the National Reconstruction Fund (NRF) Consultation Paper, Cooperative Research Australia (CRA) has urged the NRF to use Australia’s research capabilities to spur industrial transformation.
The fund’s primary goal is to act as a vital source of financing for projects that would increase Australia’s prosperity and economic diversity.
According to the CEO of CRA Jane O’Dwyer, Australia has superior research capacity that is not being properly utilized.
“For Australia to prosper, stimulating and facilitating productive industry-research collaboration must be a priority,” the CEO stated.
O’Dwyer cited programs such as the Cooperative Research Centres Program (CRCs) and the Rural Research and Development Corporations, along with the expertise that sits in CSIRO, Australia’s universities, and National Critical Research Infrastructure Facilities.
“Our policy submission focuses on the opportunity for the NRF to ensure that Australian R&D capability is supported to success and to the generation of economic benefit for all Australians,” the CRA official added.
Some of the main CRA recommendations include a clear description of national targets in the priority areas as well as striking a balance in investment that permits taking sizable risks in pursuit of big returns with a built-in capability for quick failure.
The NRF should also act as a catalyst for fostering cross-entity cooperation and alliance in areas of national priority and capability, according to CRA.
Moreover, to guarantee that the conditions for attracting, developing, and maintaining a highly trained workforce are favourable, there should be a strong connection to Education and Skills Australia, which is another key CRA recommendation.
