“We need our universities to play a bigger role in our economy,working hand-in-glove with Australian businesses to develop the next generation of great Australian products and companies,” Mr Morrison said.
“They are a giant economic asset of our country which generations of Australians have invested billions[into] and I want to see that put to work to realise this next stage of our economic recovery.”
Universities have been crying out for more research funding after the coronavirus pandemic slashed international student numbers. Fees from foreign students have provided the bulk of research funding,leading the federal government to announce a $1 billion emergency fund in 2020 to tide academic institutions over while borders were closed. But no further funding was announced in this year’s budget,prompting vice-chancellors to warn that Australia was at risk of losing critical research capacity that would take decades to recover.
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The $243.5 million will go towards research and development projects including staff,equipment and other opportunities to work closely with the business sector as part of a plan to commercialise universities. Mr Morrison said this was the “first phase” of the plan.
He said there were a range of barriers to greater commercialisation,including a “publish or perish” mindset within academic ranks.
“Researchers are currently incentivised to publish and have their work cited as often as possible ... useful for getting tenure but does little to spur innovation or create start-ups,” he said.