The R&D budget in Australia has shown a decreasing trend from 2013 to 2023, with a notable decline from 61.29 units in 2013 to 57.94 units in 2023. Year-on-year variation has consistently been negative since 2019, although the rate of decline has slowed, evidenced by a year-on-year decrease of just 0.4% from 2022 to 2023. The Compound Annual Growth Rate (CAGR) over the last five years has also indicated a minor reduction at -0.45%.
Future trends to watch include the forecasted CAGR of -0.3% over the next five years, suggesting a continued, but more gradual decline. Factors such as government policy changes, economic conditions, and global R&D trends will be critical in influencing these outcomes.
