Science Contributes $145B Annually To Australia's Economy; Coalition Urged To Have National Strategy On STEM

Advanced sciences had contributed more than $145 billion to Australia’s economy every year. A report commissioned by the chief scientist of the country has revealed that commitment to the sector is critical to prevent economic downfall.

Aside from the direct contribution to the Australian community, the landmark report said maths and sciences employ more than 760,000 people. The analysis by the Centre for International Economics analysis also showed that the sector’s indirect contribution to the economy was almost $300 billion a year or more than 22 percent of gross domestic product.

The Australian Academy of Science and Professor Ian Chubb had requested for the report since the contribution of science to the economy can be easily taken for granted. The report warned that “the role of science becomes invisible” to most people. “The aim is to provide a timely reminder of how much of our national economic activity depends on the advanced physical and mathematical sciences,” according to the report.

Chubb said that for the first time, the Australian scientific community has the numbers to illustrate the importance of sciences to the nation’s economy. The report has broken down the contribution of math and sciences by industry with resource management, mining and general insurance as the greatest contributors.

The report also reiterated the importance of advanced physical and mathematical sciences to Australia’s mining, agriculture and manufacturing. Useful knowledge of APM allows industries to use the country’s natural resources and capital to be able to respond to global demand for exports.

The Guardian reports that Opposition leader Bill Shorten said Australia was the only OECD country without a national strategy on STEM or science, technology, engineering and mathematics. In the annual Science Meets Parliament event, he urged the government to change and “redefine” the way people view the role of science and innovation in the community.

The findings of the report may be seen as a warning to the Coalition government against more budget cuts to scientific research. Shorten said Science needs a minister and a government that understands its role in society as an engine for productivity and growth.

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