Australia’s investment in agricultural research and development has reached almost $3 billion in 2023-24, according to the latest ABARES data.
ABARES Executive Director Dr Jared Greenville said the recently-published Agricultural research and development (R&D) investment in Australia – 2023-24 update found total agricultural R&D funding has increasing from $2.91 billion in 2022-23 to $2.98 billion in 2023-24.
“Overall, investment in agricultural R&D is increasing steadily, but we’ve seen the private sector just overtake the public sector as the main funder,” he said.
“There is a healthy mix of public and private R&D investment, reflecting a strong and robust innovation system with a good mix of long-term discovery research and practical commercialisation of technology. Private sector investment has the advantage of focussing on commercialising new technologies, so it has far-reaching benefits for Australian farmers.
“Agricultural R&D investment is what underpins innovation in the sector, and the flow-on benefits for farmers are considerable. We know that every $1 invested in agricultural R&D generates an almost $8 return for farmers over 10 years,” he said.
Dr Greenville also noted that the strength of Australia’s agricultural R&D system is underpinned by the rural Research and Development Corporations (RDCs).
“The RDCs are a unique investment partnership between industry and government, and their funding has grown steadily over the years as productivity has increased,” he said.
“Each RDC delivers tangible, practical improvements for their industries, particularly in terms of productivity and sustainability.”
You can download the full report, and supporting data, on the ABARES website here.
