The importance of advanced physical, mathematical and biological sciences to the Australian economy
If advances in the physical, mathematical and biological sciences over the past 20 to 30 years had not occurred, and those advances had not been incorporated into a range of products and services, our economy would be between 20% and 30% smaller than it is today.
The economists found that the combined contribution of the advanced physical, mathematical and biological sciences, directly and indirectly:
- account for 26% of Australian economic activity, or around $330 billion per year
- provide 10% of total Australian employment (about 1.2 million jobs)
- generate 32% of our exports, or about $84 billion per year
Further, it is estimated that if advances in the biological sciences over the past 30 years had not occurred, and the new medical products and practices underpinned by those advances had not been created, the burden of disease in Australia would be 18% to 34% higher than it is today.
The Office of the Australian Chief Scientist and the Australian Academy of Science commissioned the Centre for International Economics to develop this rigorous estimate of the extent to which our economy, our health and our environment are based on global advances in specific fields over the past 20 to 30 years.
This report is complemented by reports that individually assess the contributions of advanced physical and mathematical sciences, and biological sciences.
