Australia is missing out on a global "renaissance" of research into use of psychedelic drugs to treat mental health problems, two psychologists say.

International research projects investigating the use of psychedelics, such LSD and psilocybin, the psychoactive compound in so-called magic mushrooms, to treat addiction, anxiety and depression have gained momentum in recent years.

Psychedelic drugs have a reputation as illicit recreational drugs. Credit:Louie Douvis

Dr Stephen Bright, who is vice-president of PRISM or Psychedelic Research in Science and Medicine, a not-for-profit lobby group, said there had been a "renaissance" in psychedelic science research after a decades-long global ban on the subject began to soften in the early 2000s.

However, he said Australia had been left behind and there were no trials afoot.