Bioeconomy in Australia
The export of primary products supports the economy of the world's sixth-largest state. In particular, its agricultural produce such as wheat, wool, meat and wine are known all over the world.
In addition, Australia, with its wealth of mineral resources, such as iron ore, coal and uranium, is regarded as a sought-after partner for energy- and resource-hungry emerging markets. But there are efforts to diversify the country's economy to reduce dependency on mining and to further develop agriculture. Supplying the growing Asian middle class with high-quality food is considered to be a great economic opportunity. National and regional initiatives are increasingly focusing on promoting sustainable approaches, but there is no national bioeconomy strategy. Large-scale industries with their own research capacities exist only in exceptional cases in Australia. The raw material sector is an exception. Modern biosciences play an important role.