Ian Goodenough (Moore, Liberal Party) Share this | Hansard source

The new economy is a result of the transition from a manufacturing based economy to a service based economy. The government has invested more than $9 billion this year alone in science, research and innovation, including almost $70 million in additional funding for Australia's leading scientific research organisations to build world-class infrastructure that will create stronger connections between research and industry. Cutting-edge technologies such as nanotechnology, telematics, 3D printing and bionics are being developed at leading research institutes across Australia.

This federal budget includes an investment of more than $3 billion in the CSIRO over four years in the forward estimates. As Australian manufacturing and industry transitions into a new phase, the Abbott government is putting science at the centre of industry to identify and harness new jobs and opportunities in the rapidly changing global economy. The government continues to support national world-class research infrastructure to attract the world's best researchers and facilitate collaboration with industry. It has committed two years of operating funding to the National Collaborative Research Infrastructure Strategy. The government will provide $300 million through the 2015-16 budget to secure the jobs of 1,700 highly skilled technical and research staff for the next two years. Over 35,000 researchers across 222 institutions across Australia use NCRIS facilities.

Trade and investment with emerging economies in our region is the key to promoting economic development. Over the past year, there has been a 23 per cent increase in approved foreign investment applications in Australia. In order to maximise economic benefit, investment in research and development must necessarily be closely matched with the commercialisation of Australian innovation, invention and technology. Lifting the value of our service exports such as higher education, tourism, health care and financial services to just half the level of our commodity exports would add $50 billion to our gross domestic product each year. The government's Medical Research Future Fund is expected to reach $20 billion in 2019-20, with more than $400 million expected to be provided to researchers over the forward estimates. This will improve health outcomes for all Australians.

Let me highlight some of the research and development innovations that are already occurring at Edith Cowan University in my electorate of Moore. This major university is a leader in the field of research, innovation and enterprise initiatives and it accommodates three leading research institutes based at its Joondalup campus. ECU's Security Research Institute is one of the leading cybersecurity and digital forensic groups in the world, and it is recognised for its expertise in human, physical and aviation security. The institute consistently delivers quality outcomes in computer and digital forensics, network and wireless security, information warfare, physical security and risk management. Similarly, the university's Electron Science Research Institute, established in 2003, has grown into a world leader—

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