Science, research and innovation (SRI) budget tables 2023–24

Date published:
15 February 2024

These budget tables outline the Australian Government’s investment in science, research and innovation from 1978–79 to 2023–24.

In the 2023–24 financial year, the government will invest an estimated:

  • $9.2 billion in direct support for research and development
  • $3.4 billion through the Research and Development Tax Incentive
  • $1 billion in other programs and activities related to science, research and innovation.

Message from the minister

The Hon Ed Husic MP
Minister for Industry and Science

Investing in research and development (R&D) is fundamental to delivering the Government’s priorities to: rebuild Australia’s manufacturing capability; support home grown innovation; and secure Australia’s long-term productivity, resilience and prosperity. The Government’s investment is one critical and catalytic part of Australia’s overall R&D ecosystem, helping to drive further investment by the private, higher education and not-for-profit sectors.

The 2023–24 Science, Research and Innovation (SRI) Budget Tables show the Government will invest an estimated $12.6 billion in R&D in 2023–24, an increase of 2.7 per cent compared with 2022–23. This government is sending all the right signals and provided $9.2 billion to support research and development, including to organisations such as the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and $3.4 billion for businesses undertaking research activities through the R&D Tax Incentive. 

Supporting the diffusion and commercialisation of new innovations is crucial to enabling a more productive economy. Increasing collaboration between industries and research organisations will help secure new opportunities for Australian businesses and researchers. The Government is investing in priority industries that will support an uplift in R&D investment over the longer term, including through the $15 billion National Reconstruction Fund, $392 million Industry Growth Program, and the National Quantum Strategy. 

These investments collectively provide the right frameworks so that business will be confident to invest in new research and innovations, supporting them to translate new knowledge into practical opportunities that drive economic growth and competitiveness.

Explore the budget tables

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Explore this year’s budget tables through our interactive Power BI dashboard.

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