Acting Executive Director of ABARES David Galeano said while this figure was slightly lower than the previous year’s $2.35 billion, it demonstrated the sustained commitment to increasing agricultural technology and knowledge.

“This report reveals that the average annual growth rate in total Australian agricultural R&D funding from 2013-14 to 2022-23 was 2.01%,” Mr Galeano said.

“In acknowledging the role of R&D investment as a key policy area supporting productivity, the report underscores the collective efforts of State and Commonwealth governments, universities, and industry players.

“Public investment in agricultural R&D reached $1.3 billion in 2022-23, reinforcing the ongoing commitment to driving innovation and sustainability in the sector.”

Previous ABARES research highlights the return on investment, with every $1 spent on agricultural R&D yielding an almost $8 return for farmers over a 10-year period.

This highlights the substantial impact and potential of R&D initiatives in enhancing the economic viability of Australian agriculture.

“As we continue to face evolving challenges, maintaining and, if possible, increasing support for R&D initiatives will be crucial for ensuring the resilience, productivity, and sustainability of the agricultural sector,” Mr Galeano said.

Source: ABARES. For further information, visit: Agricultural research and development investment in Australia.