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Brief
On October 18, 2024, the Department of Industry, Science, and Resources issued an update regarding the latest SRI Budget Tables. The Australian Government's $14.4 billion investment in research and development (R&D) for 2024-25 represents a 4.7% increase from the previous year, with $4.3 billion allocated to industry R&D tax measures and $10.1 billion to other budgetary allocations, indicating continued growth in nominal terms despite a slight decrease as a percentage of GDP.
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