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Science has long enhanced lives, society, and the environmentā€”but it also has a huge economic impact. From UNSW alone, scientific endeavours pump more than $350 million into the Australian economy and add $2.2 billion to the global GDP each year.

These are the findings from a research report led by the UNSW Business School in collaboration with UNSW Science: ā€˜The Economic Contribution of Science at UNSWā€™, which encapsulates the significant role of science in creating economic and societal impact.

The report comes on the heels of UNSW Scienceā€™s Pact for Impact initiativeā€”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 UNSW 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 UNSW Science.

ā€œUNSW Science has a long and proud history of delivering societal, economic, and academic impact,ā€ Prof. Rogge says. ā€œThis legacy has been made possible through meaningful collaborations with our partners.ā€

Professor Frederik Anseel, Dean of the UNSW Business School says that he believes business is the essential link for science to drive future social and economic prosperity.

ā€œThe 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,ā€ Prof. Anseel says.

Whether itā€™s advancing vaccine development, tackling climate change, or ensuring food security, UNSW'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.