“Australia’s universities fully support the Government’s commitment to this review,” Universities Australia Chief Executive Officer Luke Sheehy said.

“R&D is the engine room of Australia’s future – it drives productivity, economic growth and progress.

“But we can’t afford to kick the can down the road. We don’t need a review to tell us what we already know – Australia needs greater, more sustainable funding for R&D now.

“We are in a global race for knowledge, skills, opportunities and innovation. If we fall behind, our productivity, innovation and standard of living will decline.

“Yet Australia is falling behind with R&D investment at just 1.68 per cent of GDP, compared to the OECD average of 2.73 per cent.

“The Government can score a few quick wins now by adopting some of the recommendations in the Universities Accord final report, including increasing PhD stipends and extending the duration of research grants to provide researchers with greater job security.

“Boosting support for R&D is in our national interest. It will go a long way to supporting the Government’s agenda for a Future Made in Australia and national priorities like AUKUS and the energy transition.

“We look forward to working with Robyn Denholm, Emeritus Professor Ian Chubb AC, Professor Fiona Wood AO and Dr Kate Cornick, but the Government can act now to strengthen the R&D system that underpins our nation’s future.”