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Boosting the commercial returns from research - Submission
The Government has invited submissions on its Consultation Paper about how it might best achieve improved outcomes from its public investment in research activities.
The Centre for International Finance and Regulation (CIFR) is funded by the Commonwealth Treasury and the NSW Government and it serves the national interest by providing independent research and promoting financial sector vibrancy, resiliency and integrity, through policy-oriented research and education.
CIFR is an intermediary of the kind referred to in the Consultation Paper. It brings together leading universities, research centres and the private sector to assist government, regulators and other industry participants to meet challenges and pursue opportunities in the financial system. Our university partners are UNSW Australia, Macquarie University, The University of Sydney, University of Technology, Sydney, Australian National University and The University of Melbourne. The Capital Markets Cooperative Research Centre (CRC) Limited and Sirca Limited are research centres we collaborate with, and private sector partners include Commonwealth Bank, KPMG, King & Wood Mallesons and Macquarie Group. CIFR works closely with Commonwealth Treasury and key regulators the Australian Securities and Investment Commission, Australian Prudential Regulatory Authority and the Reserve Bank of Australia.
In 2014, CIFR has supported the Financial System Inquiry and the Competition Policy Review by conducting public conferences to facilitate consultation with industry, and by completing targeted research and data analytics assignments.
This submission focuses on the financial system and the financial services sector (‘Financial Services’). It is acknowledged that certain sectors, such as health and medical sciences, rightly command greater attention in relation to commercialisation of research and very significant funding. Nevertheless, CIFR submits there has been inadequate attention given to the public funding of activities that would accelerate development in Financial Services.
