On this day in 1989, an Australian invention termed the "gene shears" technique launched in Canberra against the backdrop of blistering condemnation of Australian industry.
Subscribe now for unlimited access.
or signup to continue reading
It was dubbed as one of the great scientific breakthroughs of the century.
Science minister Barry Jones, Neville Wran, chairman of CSIRO, and senator John Button all slammed Australian investors for not wanting to invest in the technology. The technique had enormous commercial potential for medicine, veterinary science and plant and animal production.
The anger towards the lack of investment stemmed from the high tax incentive offered that would more than halve the amount of money needed by an investor. Gene shears are special molecules able to target and destroy other molecules which act as messengers to genes.
Scientists predicted gene shears could go as far as preventing cancers, stopping viruses like the AIDS-causing HIV virus from reproducing in human or animals, or "switch off" characteristics in some plants that now made them inedible.
CSIRO had entered a joint venture with French company, Limagrain, but no Australian company had come to the party to match Limagrain's $22.5 million investment.
Jones said if scientists were "wimps" then the Australian industry was "dumb". He also labelled the possible benefits from adoption of the technology as "mind-blowing", but lamented the difficulty in attracting industry leaders to invest in such ventures as product development was not part of their thinking.
![The front page of the paper on this day in 1989. The front page of the paper on this day in 1989.](/images/transform/v1/crop/frm/232169359/3c9d70cc-b4c2-45c9-a29d-ba7e57ba7818.png/r0_0_930_1267_w1200_h678_fmax.jpg)
Jones stated Australia had a good record of scientific discoveries but a bad record of "stuffing them up". Wran was angered by the fact no Australian company was willing to match Limagrain's investment and it was the reason Australia lagged so far behind its competitors.
Senator Button said "the lack of Australian interest in gene shears has not been for want of trying, either on the part of the CSIRO or the government". He did say that there was still a window of opportunity for an Australian company to buy in as an equal third partner in the venture.