Report: The Economic Contribution of Science at UNSW
The science conducted at UNSW isn't just about breakthroughs in the labāit's also a major economic player.
Science has long enhanced lives, society, and the environmentābut 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: āThe 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 Scienceās Pact for Impact initiativeāthe 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.
āUNSW Science has a long and proud history of delivering societal, economic, and academic impact,ā Prof. Rogge says. āThis 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.
āThe 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 itās 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.
