Chubb: Invest In Unique Scientific Ideas

Introducing new analysis that discovered science contributes $330 billion every year to the economy. Mr. Chubb urged investment in thoughts that might appear to be eccentrically extraordinary to a particular scientist.

He pointed to the cell phone that contains 16 patents for advancements developed separately. Friday's report, created by the Australian Academy of Science and the Centre for International Economics, estimated the value of advances in biological sciences to the economy.

It builds on research released a year ago that found the value of physics, mathematics and chemistry to the economy was $292 billion. The consolidated sciences straightforwardly contribute $185 billion every year, with $330 billion the estimated flow on value, the reports found.

That is around 1.17 million Australian employments. Furthermore, real value of science could really be higher, with Centre for International Economics chief David Pearce saying the analysis didn't represent things like advantages of risk-based systems.

There was obviously a great deal of value in a tidal wave warning system that kept awful things from happening, he said. Professor Chubb believes it's overwhelmingly clear that without advances in science, technology, engineering and mathematics, the economy would be smaller and occupations would be significantly depleted.

He believes for too long that Australians have underestimated science. The outgoing chief scientist took a swipe at potential critics of the report, pre-empting quarreling about dollar figures and personal insults.

'I say to them, wake up,' he told AAP, adding he wasn't opposed to legitimate criticism of the report, merely the building of a straw man to burn down. 'Stop sitting on the sidelines and sniping and get in there and try to do something that's meaningful.'

The report presentation doubled as a send-off for Professor Chubb, who rounds out his five-year appointment on Friday to make way for engineer and entrepreneur Alan Finkel.