These fridges cost $1m, but our future depends on them

Australian university researchers are at the forefront of the quantum technology race that promises to use quantum computers to solve intractable problems in drug design, cryptography and climate modelling.

The CSIRO predicts that quantum technology will be a $6 billion industry in Australia by 2045, employing around 20,000 people.

It is not a competition in which we can afford to be left behind. And the reality is we are seeing our international rivals outpace us in the race that matters the most when it comes to research: who is closing the funding gap the fastest.

There is a dramatic underinvestment in research and development in Australia. As a share of GDP Australia’s R&D expenditure now stands at 1.68 per cent, down from a peak of 2.25 per cent in 2009. The OECD average is 2.7 per cent, while research powerhouses like Israel (5.5 per cent), Korea (4.9 per cent) and the US (3.5 per cent) continue to move away from us in the research and innovation stakes.

The consequences of this will be felt by every household for generations to come.

Globally, technology including the internet, X-rays, nuclear medicine, antibiotics, vaccines, cancer treatments, renewable energy solutions, quantum computing, as well as ground-breaking economic and social policy, emerge from fundamental research that begins in universities. These basic discoveries are then developed in collaboration with industry, community and government partners.

It is true that despite the widening funding gap Australia still outperforms on many measures. Currently, we have three universities ranked in the top 20 of the world’s best – this is a remarkable achievement.

But Australia needs a new vision for a collaborative approach to lift our investment in R&D. We need universities, research institutes, governments, industry partners and community organisations to work together on long-term research “missions” to address our biggest national challenges, such as making the clean energy transition, combating the consequences of climate change, and creating new industries and jobs in fields where we can lead the world.

Some of these will be fundamental discovery missions that eventually spawn brand-new technologies; this is how quantum computing began. Others will be applied missions that provide mitigation and adaptation options for the evolving challenges we already know we must face.

Collaboration will propel our future discoveries, but there is a widening gap. Industry knowledge, insight and funding is essential.

Industry involvement brings practical applications and insights, and often means research is accelerated and ensures the work is timely and relevant.

But industry investment in R&D as a proportion of GDP is reaching record lows and is linked to declining productivity. We must turn this around.

The data show that if Australia investment in R&D continues to decline by 0.1 per cent of GDP per year, in five years’ time we will be among the lowest of OECD countries.

Australia cannot afford to allow that to happen.

A game changer would be for the Albanese government to create a sophisticated plan for reaching its policy target of 3 per cent of GDP spent on R&D. This might seem like a big jump from the current 1.68 per cent, but the reality is 3 per cent itself is a long way from where we need to be and a long way from the investments being made by other countries.

The universities accord is a once in a generation opportunity to secure lasting reform. The interim report recognised the key challenges universities face sustaining the full costs of their research, but fell short of outlining a vision for how we can make the system more sustainable.

If we weaken our research pipeline, we risk weakening our security, prosperity, equity and well-being. That is something every Australian should care about.

Professor Emma Johnston is deputy vice chancellor, research at the University of Sydney.