Increased R&D spending to boost economy by $100 billion

Australian research and development funding has declined as a percentage of GDP for over a decade. (David Crosling/AAP PHOTOS)

Australia's economy would receive a $100 billion boost if investment in research and development was increased to three per  cent of GDP,  the nation's peak science body says.

For more than a decade, Australian funding for research and development has declined as a percentage of GDP and the nation now spends less than two cents in every dollar on the sector, Science & Technology Australia president Sharath Sriram says.