The Office of the Chief Scientist (OCS) and the Australian Academy of Science (AAS) commissioned the Centre for International Economics (the CIE) to investigate and measure the importance of recent advances in the biological sciences to the Australian economy. This work followed an earlier similar report that presented results on the importance of recent advances in the physical and mathematical sciences to the Australian economy (AAS 2015). A third report (AAS 2016) synthesises these two pieces of research and presents combined results on the importance of recent advances in the physical, mathematical and biological sciences to the Australian economy.