Australian Associated Press

The story notes that the scientists want a minimum of $440 million a year, flagging superannuation funds as a possible source of money. FASTS president Peter Cullen was cited as saying the high levels of investment overseas into gene technology posed both a threat and a challenge to Australia's future, adding, "We've seen massive new investments in research as governments and research organisations all over the world scramble to capture the benefits of biotechnology. Australia has a relatively poor record in capitalising on discoveries arising from its scientific investment. Australian biotechnology is in danger of falling behind the rest of the world unless significant government initiatives are taken."

The story notes that Professor Cullen, who today released a position paper on biotechnology in Australia, added that scientists also recognised community unease about the possible adverse side-effects of biotechnology, stating, "Widespread community consultation is vital, so Australia can reach a consensus position on the degree of legislative protection we need in this area" and that there was clearly a need for regulatory reform.