The significant contribution of science to Australia's economy has been measured for the first time in a landmark report that warns economic growth could fall dramatically without strong commitment to the sector.

The report, commissioned by Australia's Chief Scientist and the country's leading scientific academy, shows advanced sciences contribute more than $145 billion directly to the economy every year, roughly 11 per cent of GDP, and employ more than 760,000 people.

The Centre for International Economics analysis, the first of its kind in Australia, has also calculated science's indirect contribution to be almost $300 billion a year, more than 22 per of GDP.

Professor Ian Chubb and the Australian Academy of Science commissioned the report because the contribution of science to economic activity was easy to take for granted, yet economic growth would suffer without continued scientific development.