SA Business Journal

Let’s energise the state through innovation and research

As we climb out of the global pandemic into new challenges arising from rising inflation, interest rates, energy prices and supply chain disruption, we can forgive the business community for feeling exasperated. This entirely reasonable response requires an energised plan from the government to build jobs and long-term economic growth.

With $100m announced by Premier Malinauskas last week for an economic recovery fund and $45m to promote South Australia beyond the state borders, now is the time to also consider the role of research and development. With the state government stating its long-term focus on learning and education, R&D is the practical application of knowledge where the university sector provides services to support business owners with innovation, process improvement and product development. 

South Australian Productivity Commission chairman Adrian Tembel recently reminded us that investing funds into education and research supports jobs and long-term economic growth. Most people have heard about the benefits of R&D, that it drives economic growth and improves prosperity. However, less would be aware that for every dollar invested in Australian R&D, this would earn an average of $AUS3.50 in economy-wide benefits (CSIRO, November 2021).

Here in South Australia, we have three main universities undertaking research and development. One of the beneficiaries of university research is business, with innovation in materials, processing, energy, technology, and understanding of customers and markets. Research also provides new knowledge in political, legal, economic, environmental, social and cultural issues or trends. Unfortunately, business expenditure on research and development has declined here in South Australia since 2011/2012.

As the Chamber of Commerce and Industry in South Australia, the South Australian Business Chamber has identified several ways to improve university and business collaboration, including exploring the merits of merging our universities. In the recent March 2022 state election, one of the campaign promises from the Malinauskas Labor Government was to investigate this very initiative. The Premier stated that each of our universities alone is too small and too undercapitalised to make it into a list of top international universities. This is holding our state back.’ Australia’s Higher Education and Research Group agree with the Premier, stating that there is a case to establish an independent and authoritative universities commission here in South Australia.

So, what does this mean for the South Australian business community?

Universities are powerful hubs of research and academic excellence. They are funded by government grants, philanthropic donations, student fees and industry-led collaborations. In fact, through university joint-funding, businesses can fund world-class infrastructure and equipment and attract and retain the best researchers. 

The South Australian Business Chamber sees the need for a targeted program that specifically facilitates university and business collaboration. The reality is that finding a suitable research partner can be daunting for time-poor SMEs. A new program could ultimately act as a marketplace to establish collaborative networks or a conduit to business and provide greater awareness about the value of collaboration.

Ultimately, we want South Australia to become a world-leading jurisdiction for university/​business collaboration leading to the creation of innovative products and services. 

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