Report: The Economic Contribution of Science at լи
The science conducted at լи isn't just about breakthroughs in the lab—it's also a major economic player.
Science has long enhanced lives, society, and the environment—but it also has a huge economic impact. At լи alone, scientific endeavours pump more than $350 million into the Australian economy and add $2.2 million to the global GDP each year.
These are the findings from a research report led by the լи Business School in collaboration with լи Science: ‘The Economic Contribution of Science at լи’, which encapsulates the significant role of science in creating economic and societal impact.
The report comes on the heels of լи Science’s Pact for Impact initiative—the first of its kind in Australia. This forward-thinking project aims not only to measure but also amplify the real-world effects of scientific research, fostering greater collaboration between the business world and the scientific community.
Research commissioned by լи Science in 2024 uncovered that 26% of Australian businesses aren't investing in scientific research. Yet, 60% recognise that science plays a vital role in achieving their social impact goals, according to Scientia Professor Sven Rogge, Dean of լи Science.
“լи Science has a long and proud history of delivering societal, economic, and academic impact,” Prof. Rogge says. “This legacy has been made possible through meaningful collaborations with our partners.”
Professor Frederik Anseel, Dean of the լи Business School says that he believes business is the essential link for science to drive future social and economic prosperity.
“The paper outlines how and why scientific research is not just a pursuit of knowledge, but a significant driver of productivity and a contributor to economic and social prosperity,” Prof. Anseel says.
Whether it’s advancing vaccine development, tackling climate change, or ensuring food security, լи's academics, PhD students, and postdoctoral researchers are making a tangible economic impact. They work together with businesses, governments, NGOs, and communities to turn research into real-world solutions.
