Modern society requires a much greater effort on our part, a coordinated and sustained effort in research and development to produce the kind of innovation and pace of change which modern society demands. Research also carries with it substantial costs. It is not always possible for people to make this level of commitment privately and individually in the way in which they could in the past. Industry also has conflicting demands for immediate results and for research driven by commercial goals. That is perfectly understandable in the context of industry.
Industry needs to respond to the imperative of the short- term profit motive.
But that may not always be in the long- term national interests of Australia. Government commitment through the taxpayers is necessary, indeed essential, to drive that initial spark of innovation and to ensure that resources are available for the long term for those forward- looking, basic research projects which have no immediate commercial return. That is what our universities have always done in the past. Industry has contributed to that process, but not at the level that is essential if Australia is to get the full industrial research and development benefit. There are two good examples of that which are very relevant and which I would like to share with you.