Scientific advances over the past 20 to 30 years have underpinned an estimated $330 billion of Australia's economic growth, according to a new report by the Australian Academy of Science.

Key points: Findings demonstrate importance of science, outgoing chief scientist says

Findings demonstrate importance of science, outgoing chief scientist says Biological advances contributing $65 billion to economy annually

Biological advances contributing $65 billion to economy annually Medical advances valued at more than $83 billion

The research, produced by the Centre for International Economies, found the areas of physical, mathematical and biological sciences contributed to 26 per cent of Australian economic activity.

Outgoing chief scientist Ian Chubb said while the benefits of science were difficult to measure, the findings demonstrated its importance to all Australians.

"Of course those benefits can only be partially counted in dollar terms," Professor Chubb said in a statement.

"But of course we have to investigate them, in economic as well as human terms, because we cannot afford to ever take them for granted.

"We have, for the first time, a credible estimate of a phenomenon that defines our lives and underpins our prospects for growth.

"I trust it will inform our discussions about the actions we take to maximise the benefits of science for Australians."

The figures were based on two separate reports by the Academy, which examined the impact of world-wide advances in fields such as physics, biology, health, chemistry and mathematics.

The report found that without the breakthroughs in biological sciences alone in the past 30 years, the Australian economy would be an estimated 5 per cent smaller than it is today.

Australians would have missed out on an estimated $156 billion worth of health improvements a year, while the burden of diseases would be 18 per cent to 34 per cent higher.

Science 'critical' to prosperity, Academy president says

The president of the Academy, Andrew Holmes, said the analysis was consistent with other research in Australia and abroad.

"Our national situation is unique, but the message for all advanced economies is clear," Professor Holmes said.

"Scientists, and the industries which harness their discoveries, are critical to prosperity.

"We need Australian science to address our own challenges, just as we need it to have access to the new knowledge uncovered overseas."

The report said it was unable to estimate the specific contribution of Australian scientists, due to the increasingly global nature of scientific research.

Professor Chubb will stand down today as Australia's chief scientist, with Alan Finkel to take on the role.

Biological advances contributing $65 billion annually

One of the studies underpinning today's report by the Academy examines the economic impact of biological sciences.

It includes biochemistry, genetics, biology, physiology and ecology — covering a diverse range of industries from agriculture to healthcare.

The figures combine the direct and flow-on effects of scientific advances over the past 30 years and the impact on economic productivity, health and wellbeing as well as the environment.

It found advances such as medical products and genetically modified crops have directly contributed to 3.6 per cent of the economy, with a flow-on impact of 1.5 per cent, or an estimated $65 billion annually.

The economic impact of medical advances, meanwhile, was determined in part by the value Australians put on adding one year to the average life.

Based on this estimate, taking into account the reduction in the burden of diseases over the past 30 years, it put the value of medical advances between $83 billion and $156 billion.

Estimates of a 1 per cent improvement in the condition of the Great Barrier Reef range from $434 million to $811 million.

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