The Gillard Government's record investment of $9 billion in science and research is delivering tangible economic benefits to the Australian economy.

The 2012 Allen Consulting Group study released today shows the Cooperative Research Centre (CRC) program will have produced more than $14.5 billion worth of technologies, products and processes by 2017.

Minister for Science and Research, Senator Chris Evans, released the study on the impact of the CRC program as part of National Science Week celebrations at Parliament House.

"Projects like the Square Kilometre Array telescope and the CRC program show that when it comes to science, Australia already punches above its weight and has an impressive track record," Senator Evans said.

"In the middle of the mining boom it is an economic imperative that we are able to develop world-leading science and research that will provide benefits for Australia for decades to come - it shows that not only are we a mining nation, we are also a smart nation.

"Australia's universities and industry research facilities need to be world class to compete with the rest of the world, particularly with rapidly expanding capacity of the Asia Pacific.

"The report shows that CRCs have already made an $8.6 billion impact on the economy with at least another $5.9 billion to come in the next five years.

"It shows that Australia's world-class CRCs have the critical mass of resources to create new industries and improve Australia's competitive advantage.

"CRCs are helping Australian industries to produce globally-competitive products that are being used in everything from new cars and the F-35 Joint Strike Fighter program through to agriculture and mining."

Senator Evans said the Government aimed to double the level of collaboration between business, universities and publicly-funded research agencies over the next decade.

"That's why over the next four years, we will invest more than $625 million in CRCs to establish strong partnerships that can focus on delivering real impacts for Australia through the application of science and research," Senator Evans said,

"We've increased spending on science, research and innovation by 35 per cent since 2007, including a further $9 billion in 2012-13.

"The only way to reap the benefits of our substantial investment is by translating research into commercial reality. The new report proves that's exactly what our CRCs are doing."

For more information on Australia's CRCs visit www.crc.gov.au

17 August 2012