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Australia is estimated to have 750,000 different species of plants, animals and insects, but about 70% are either undiscovered or have not been formally described in the scientific literature. The academy’s proposal would see all of Australia’s species properly documented and recorded over the next 25 years. The Deloitte Access Economics report says such a mission could deliver between $3.7bn and $28.9bn in economic returns over the next 25 years. Economic benefits include the discovery of new drugs, improvements to biosecurity with invasive species easier to identify, and new crops developed from hybridisation of newly discovered species. Associate Prof Kevin Thiele, director of the academy’s Taxonomy Australia organisation, said: “Every species that is lost – especially those lost before we even find them – is a lost opportunity.

Jane melvilleKevin thieleHugh possinghamTim entwisleSussan leyCentre for australian national biodiversity researchInternational association of botanic gardensNational taxonomy research grant programAustralian academy of scienceAustralian academyDeloitte access economicsProf kevin thieleTaxonomy australiaMuseums victoriaRoyal botanic gardens victoriaInternational association