The Greens have announced plans to increase research and innovation spending to 3% of GDP by 2025 and 4% by 2030.
The party leader, Richard Di Natale, and the science and industry spokesman, Adam Bandt, are set to announce the policy on Friday in Melbourne.
Australia invests about 2.2% of GDP in public and private sector science, innovation and research which the Greens say is behind Korea (4.3%), Japan (3.6%), and the US (2.7%).
The Greens plan to boost research grants ($848m), restore funding to the CSIRO ($306.5m), reverse cuts to the sustainable research excellence program and increase university research ($1.3bn).
They also want to reverse cuts to research and development offsets ($690m).
The parliamentary budget office has costed the total spending commitments at $5bn over the next four years.
The Greens say they would pay for the policy by abolishing fossil-fuel subsidies, such as the diesel fuel rebate, which would raise $7bn a year.
Di Natale said: “Innovation isn’t just a buzzword Malcolm Turnbull can use to sell his corporate tax cuts. It underpins Australia’s future prosperity.
“We will increase funding, improve access to information, foster national and international collaboration, protect our key research institutions and deliver the research and innovation Australia needs to remain competitive.”
Bandt said: “The industries and jobs of the 21st century will rely on our minds, not our mines.
“The Greens will invest in science and research and foster a culture where experimentation, invention and innovation can flourish in Australia.”
Labor’s policies on science include providing 25,000 teaching scholarships over five years to new and recent graduates of science technology engineering and maths (STEM) degrees to encourage them to continue their studies and become a STEM teacher.
It has also promised to spend $127m over four years to help current teachers learn new STEM skills.
In December the Turnbull government unveiled a national innovation and science agenda to cost $1bn over four years, which included tax incentives for early-stage companies.
The innovation agenda also aims to ensure schools are encouraging problem solving, critical thinking and digital skills from an early age.
