By Andrew Klein   24^TH November 2025

There is a fundamental, often fatal, mismatch between the world of the bookkeeper and the mind of the visionary. The bookkeeper operates in a universe of defined columns—black ink for profit, red for loss. The visionary deals in a currency that cannot be quantified on a balance sheet: the latent potential of a radical idea, the long-term health of a nation, the very future of our species.

When commercial funding becomes the backbone of research and development, it applies the for-profit mindset to ideas that cannot be confined in a ledger. This prioritization of monetizable outcomes over public good systematically diverts resources from foundational research, producing only incremental, saleable outcomes while creating a devastating “red ink” that spills out to impact every aspect of our lives. The stories of Nikola Tesla’s downfall and the deliberate hollowing-out of Australia’s CSIRO stand as stark warnings of this self-defeating paradigm.

The Ghost of Wardenclyffe: A Future Sacrificed on the Altar of Profit

The tale of Nikola Tesla is the archetype. In the early 20th century, he conceived of a “World Wireless System,” a vision of free, global energy transmission. His technical blueprint was audacious, aiming to use the Earth itself as a conductor. He secured funding from the titan of finance, J.P. Morgan, who invested $150,000—a vast sum then, equivalent to millions today.

However, Morgan believed he was funding a wireless communication system to compete with Marconi. When he realized Tesla’s true goal was to transmit power—and, critically, to do so for free—he immediately withdrew support. Morgan’s now-legendary objection was that he could not see how to “put a meter on it.” The system offered no means to charge users, and therefore, in the cold logic of the ledger, it was worthless. It threatened the entire profitable, centralized energy model Morgan and his peers were building.

Tesla’s Wardenclyffe Tower, a monument to a possible future of abundant energy, was abandoned and later demolished for scrap. The technical hurdles were real, but they were not the primary cause of failure. The project was undone by a financial model that could not comprehend, and thus actively opposed, a vision that served humanity over shareholders.

The Modern Dismantling: How Australia is Selling Its Scientific Soul

This same conflict is playing out today in the systematic defunding of Australia’s premier scientific body, the Commonwealth Scientific and Industrial Research Organisation (CSIRO). The mechanism is more bureaucratic, but the principle is identical: a shift from funding science for the public good to funding science for private gain.

For over 15 years, the CSIRO has been subjected to a death by a thousand cuts. While nominal government funding has increased, it has grown at an average of just 1.3% per annum against an average inflation rate of 2.7%, representing a significant real-terms cut. This has forced the agency into a desperate pivot.

The CSIRO is now being transformed from an engine of foundational discovery into what critics call a “glorified consultancy.” The core tension is between two models of research:

· “Pure” or “Public Good” Research is driven by curiosity and funded by stable public investment for the long-term national interest. Its outcomes are unpredictable but have yielded world-changing breakthroughs like Wi-Fi and Aerogard. It fosters a pipeline of transformative discoveries.

· “Applied” or “Commercial” Research is driven by specific, practical goals and is increasingly reliant on private industry contracts. Its outcomes are targeted, saleable solutions, but it risks stifling blue-sky research and creating conflicts of interest, such as those seen in controversial partnerships with the gas industry.

The consequences are no longer theoretical. In late 2025, the CSIRO announced it would cut 300-350 research jobs—around 10% of its science workforce—on top of over 800 jobs lost in the prior 18 months. The union has described this as “the worst cuts the CSIRO has ever seen,” disproportionately targeting environment, health, and biosecurity—areas with profound public good but less immediate commercial appeal.

The government defends this as a “reprioritisation exercise,” claiming it is about directing “every single dollar for scientific research… in the right direction.” Yet, this occurs while Australia’s overall spending on research and development languishes at about 1.7% of GDP, well below the OECD average of 2.7%. As Ryan Winn, CEO of Science & Technology Australia, warns, “If we cut off curiosity and discovery, I’d hate to think of the things we lose.” We are, quite literally, trading our future security for the appearance of present-day fiscal prudence.

The Red Ink of a Profit-Driven Paradigm

The “black entries” in the corporate ledger—the patented technologies, the licensed software, the consultative reports—are visible and celebrated. But the true cost is the “red ink” that bleeds into our society:

· The Lost Future: We will never know which world-changing discovery, like Wi-Fi, was lost in a lab that was closed or a researcher who was laid off because their curiosity couldn’t be justified on a quarterly report.

· The Erosion of Public Trust: When science is yoked to corporate interests, its independence and integrity are compromised. Public trust in scientific institutions erodes, with dire consequences for tackling crises like climate change or pandemics.

· The Strategic Vulnerability: By ceding control of our research agenda to market forces, we surrender our national sovereignty and resilience. We become dependent on other nations or corporations for the foundational knowledge and technologies that underpin our economy and security.

Reclaiming the Future: A Choice of Civilizations

The path forward requires a conscious, societal choice to reinvest in non-commercial funding as the bedrock of innovation. We must recognize that the most valuable research is often that which cannot be immediately metered or sold.

This means:

1. Reversing the decay in public funding for bodies like the CSIRO, guaranteeing long-term, stable investment in blue-sky research.

2. Protecting scientific independence from commercial and political interference, ensuring that research is guided by evidence and public need, not profit potential.

3. Valuing the intangible, understanding that the greatest returns on investment are not always financial, but are measured in a healthier, safer, and more innovative society.

The bookkeeper’s ledger is a tool for managing the present. But it is a disastrous compass for navigating the future. We must have the courage to fund the visionaries whose ideas, though they may disrupt a profitable status quo, are the only way to build a world that is not just efficient, but truly advanced.