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Science body names six crucial investments to tackle recession

Business

The nation’s peak science organisation has earmarked six industries that have the ability to lift Australia out of the COVID-19 recession.

 

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The CSIRO report also said now was not the time to shy away from investment.

It named the digital, energy, agriculture, health, manufacturing and mineral resources sectors as the key to the future.

Four of those industries – health, agriculture, energy and mineral resources – either have a large footprint in Queensland or are where the state as a natural advantage.

The report said that energy efficiency would help reduce costs while also creating local jobs and improve productivity. This included efficient appliances and electric vehicles.

Health care could also become more efficient through the use if better diagnostics supported by bioinformatics and high-performance computing.

“The imperative for business to leverage the full potential of science and technology is now stronger than ever,” CSIRO chief executive Dr Larry Marshall.

“Australia has huge opportunities to meet growing global energy demand and influence how this demand is met, including through low emission energy sources and creating the world’s first clean hydrogen energy export industry.

“At this pivotal time in our history, the inclination is batten down the hatches and postpone investments, when actually we need to double down on Australian innovation because science and technology can drive our recovery from this pandemic-led recession and land us back in a stronger position,” Marshall said.

“COVID-19 has disrupted every element of our lives and while the devastating loss of life can’t be understated we have the opportunity to determine the new kind of Australia we want to emerge from this crisis.

“Just as science and technology have been guiding the health and emergency response, so too will they drive our economic response and recovery from this pandemic.”

 

 

 

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