Cooperative Research Centres (CRCS) will have a combined total value of $14.5 billion to the Australian economy by 2017, with their technologies, products and processes equating to substantial boosts for the country.


The report, compiled by Allen Consulting Group, was released as part of the National Science Week celebrations at Parliament House.


Federal Minister for Science and Research, Senator Chris Evans, welcomed the report, which shows that CRCs have already contributed $8.6 billion to the economy.


Projects like the Square Kilometre Array telescope and the CRC program show that when it comes to science, Australia already punches above its weight and has an impressive track record," Senator Evans said.


"In the middle of the mining boom it is an economic imperative that we are able to develop world-leading science and research that will provide benefits for Australia for decades to come - it shows that not only are we a mining nation, we are also a smart nation.


"Australia's universities and industry research facilities need to be world class to compete with the rest of the world, particularly with rapidly expanding capacity of the Asia Pacific.


Senator Evans said the Government aimed to double the level of collaboration between business, universities and publicly-funded research agencies over the next decade.


"That's why over the next four years, we will invest more than $625 million in CRCs to establish strong partnerships that can focus on delivering real impacts for Australia through the application of science and research," Senator Evans said,