ANDS commissioned the Victoria Institute of Strategic Economic Studies to estimate the value of the data created during the research process, along with an estimate of the benefits of curating and openly sharing public research data.
It is estimated that the value of data in Australia's public research to be at least $1.9 billion and possibly up to $6 billion a year at current levels of expenditure and activity. Research data curation and sharing may well be worth at least $1.8 billion and possibly up to $5.5 billion a year, of which $1.4 billion to $4.9 billion annually is potentially yet to be realised. Hence, any policy and research data infrastructure around publicly-funded research data should aim to realise as much of this unrealised value as practicable.
Overall the report shows that a relatively small investment in a combination of data policy and infrastructure provides a significant increase in value to Australian innovation, research, and the broader economy.
Benefits of increasing access to publicly funded research data
The vertical axis represents the billions of dollars gained and the horizontal axis represents how much research data is curated and publicly available. Infrastructure and policy, well used, can unlock up to $4.9 billion per year as data becomes more usable and used.