The Federal Election race is ramping up, as Australians prepare to take to the polls in three days.
Several key themes have emerged during the five-week campaign, with both major political parties unveiling comprehensive policies relating to housing, tax relief, energy, and healthcare: placing cost-of-living pressures firmly at the forefront.
However, despite Australia’s growing dependence on digital infrastructure, artificial intelligence (AI), and advanced manufacturing, there has been minimal technology and innovation commitments, raising concerns about the nation’s preparedness to navigate future economic challenges.
Industry leaders have warned that without greater investment in local tech innovation, Australia may struggle to maintain its economic stability and global competitiveness.
This urgency has only intensified following the introduction of widespread tariffs by the Trump Administration, which has triggered global market volatility, disrupted Australia’s export markets, and underscored the need for a more resilient and diversified economy.
There has been growing calls for policies that not only address immediate economic concerns but also lay the foundation for long-term growth through investment in science, technology and innovation.
The Australian Academy of Technological Sciences and Engineering (ATSE) has urged political leaders to prioritise local tech innovation and the development of a robust STEM workforce, emphasising the need for a long-term vision to ensure Australia’s competitiveness in the global economy.
Similarly, Science and Technology Australia (STA) has called for both Federal Labor and Liberal parties to develop a new national Innovation Future Fund and outline clear plans to boost Australia’s research and development investment to 3 per cent of GDP. The industry body argues that without these commitments, Australia risks falling behind in technological advancements and economic growth.
Meanwhile, the Tech Council of Australia (TCA) has voiced its disappointment that no tech sector investment was included in the pre-Federal Election budget, handed down by the Federal Labor Government in March. The peak body noted “it was a missed opportunity to grow our national competitiveness at a time of domestic productivity decline, and of critical global trade volatility”.
In contrast to past Federal Elections where technology and innovation have been high on the agenda, this year’s campaign has so far failed to outline a clear roadmap to develop these sectors.
That includes the absence of a detailed strategy addressing rapid advancements in AI and clean technologies by either major party while on the hustings.
Such oversight comes despite Australia sitting wide in the Global Innovation Index, released by the UN’s World Intellectual Property Organization in September 2024.
In the South East Asia, Asia and Oceania region Singapore, South Korea, China, Japan, and Hong Kong are all listed as top 20 innovation nations.
A key metric used in the Index is the conversion of innovation investment into innovation output, an area the report finds Australia struggles to make an impact and classifies as “inefficient”.
Without clear strategy or investment from those in control of the nation’s purse strings, it seems this hurdle may be difficult to overcome near-term.
In the days before Australians head to polling booths around the country, there’s an even slimmer chance of the two majors announcing significant technology and innovation commitments.
At a time when embracing digital transformation is critical to economic resilience and progress, one can only hope this sector will be of greater focus for the next Government and see Australia climb higher in the global innovation ranking.