In Media releases, News

MELBOURNE, THURSDAY 26 MARCH, 2015: The Australian Mathematical Sciences Institute (AMSI) is delighted with the recent recognition given to the prominence of the role mathematics and science have in the Australian economy. The sheer size of the numbers is impressive, as is the flow-on effect.

Chief Scientist, Professor Ian Chubb, reported that advanced mathematical and physical sciences make a direct contribution of $145 billion a year to the Australian economy – about 11 per cent of GDP.

The Importance of Advanced Physical and Mathematical Sciences to the Australian Economy, was commissioned by the Academy of Science and Chubb’s office, and was released in conjunction with his address to the National Press Club on Wednesday March 25. It combines the expertise of Australia’s scientific community with that of business and industry.

The report reflects the ubiquity of the mathematical sciences in modern scientific research. And emphasises the knock-on effects it has for our economy.

The physical and mathematical sciences also contribute, in additional flow-on benefits, another 11 per cent of Australia’s GDP annually, bringing the total benefits to 22 per cent or around $292 billion per year.

“I congratulate the Chief Scientist and the Academy of Science for this timely and important report. Maths and science make fundamental contributions to our lives, not least to our economic wellbeing. I’m sure that the report will make this particular contribution very real for Australia’s policy makers, business community and would-be scientists and mathematicians,” says AMSI Director, Professor Geoff Prince.

Further information, including a transcript of Professor Chubb’s address and a PDF of the report may be found on the AMSI website.