Report: The Economic Contribution of Science at ʹڲƱ
The science conducted at ʹڲƱ isn't just about breakthroughs in the lab—it's also a major economic player.
Science has long enhanced lives, society, and the environment—but it also has a huge economic impact. From ʹڲƱ alone, scientific endeavours pump more than $350 million into the Australian economy and add $2.2 billion to the global GDP each year.
These are the findings from a research report led by the ʹڲƱ Business School in collaboration with ʹڲƱ Science: ‘The Economic Contribution of Science at ʹڲƱ’, which encapsulates the significant role of science in creating economic and societal impact.
The report comes on the heels of ʹڲƱ Science’s Pact for Impact initiative—the first of its kind in Australia. This forward-thinking project aims not only to measure but also amplify the real-world effects of scientific research, fostering greater collaboration between the business world and the scientific community.
Research commissioned by ʹڲƱ Science in 2024 uncovered that 26% of Australian businesses aren't investing in scientific research. Yet, 60% recognise that science plays a vital role in achieving their social impact goals, according to Scientia Professor Sven Rogge, Dean of ʹڲƱ Science.
“ʹڲƱ Science has a long and proud history of delivering societal, economic, and academic impact,” Prof. Rogge says. “This legacy has been made possible through meaningful collaborations with our partners.”
Professor Frederik Anseel, Dean of the ʹڲƱ Business School says that he believes business is the essential link for science to drive future social and economic prosperity.
“The paper outlines how and why scientific research is not just a pursuit of knowledge, but a significant driver of productivity and a contributor to economic and social prosperity,” Prof. Anseel says.
Whether it’s advancing vaccine development, tackling climate change, or ensuring food security, ʹڲƱ's academics, PhD students, and postdoctoral researchers are making a tangible economic impact. They work together with businesses, governments, NGOs, and communities to turn research into real-world solutions.
