Fixing Australia’s innovation puzzle: Why our R&D system needs a rethink

In this episode of DBrief, Louise McGrath sits down with David Martin, Director for Innovation and Emerging Technologies at the Australian Industry Group, to unpack the Strategic Examination of Research and Development (SERD) - a once-in-a-generation review commissioned by Government but steered by an independent panel of industry leaders. The review takes a fresh look at how Australia supports research, innovation, and commercialisation. They explore why Australia, despite its world-class research institutions, continues to lag behind in business R&D investment and commercialisation. The conversation covers:Why Australia’s venture capital market remains risk-averse and how that limits startups and scaleups.The 150+ fragmented government programs that confuse rather than connect.Proposals such as an Intellectual Property Bank to simplify how university-generated research reaches industry.The need for a Ministerial Council for Innovation to improve coordination between federal and state governments.How regulation, skills shortages, and short political cycles are stifling productivity and long-term innovation.This discussion offers a candid look at the real barriers to innovation and what it will take for Australia to finally turn great ideas into great industries.All three SERD submissions by the Australian Industry Group are available here.