Four of the nation's most-renowned scientists have spoken to The Australian Financial Review about their concerns for Australian science and our ability to compete as an innovation economy.

What Nobel prize winners Elizabeth Blackburn, Brian Schmidt, Peter Doherty and Barry Marshall had to say about innovation funding in a nation historically responsible for a range of world-beating scientific advancements was often scathing.

Each holds fears for Australia's global competitiveness. As stated by the AFR's Anne Hyland, "When it comes to investment in science, Australia is in reverse as other countries floor the accelerator."

Here's a selection of quotes from the Nobel laureates about Australia's investment in science and our economic future. For the full story, read: How ignoring science damns our economy at the AFR.

ELIZABETH BLACKBURN (joint Nobel prize in physiology or medicine in 2009)

Photo: Ken James

"How could Australia not think of investing heavily in science? This is just insanity. The fact that the natural resources boom is fading away – it's foolishness."

"I come back and have these marvellous science conversations and I talk to really, really bright people, but they're under-used. They don't groan. They just do the best they can."

"Australia needs to invest in science. It's a bigger picture than politics. Prime ministers come and go. National policies can be developed in a much less politicised way and be much more forward looking, whoever the prime minister happens to be."

"There needs to be a very serious investment because you have all this scientific talent. If you look at the track record of countries that have invested in science, it's obvious, it works."

BRIAN SCHMIDT (joint Nobel prize in physics in 2011)

Photo: Rohan Thomson

"I'm scratching my head and losing sleep at night about that in a way that I haven't before."

"It's unclear to me whether or not we will continue to be a great astronomy nation."

"If we lose [our] advantage, are we going to replace that with something else? We damn well better be or we're going backwards."

"If we're damaged it will take 20 years to fix ourselves. It only takes one year to cause 20 years of damage."

PETER DOHERTY (joint Nobel prize in physiology or medicine in 1996)

Photo: Arsineh Houspian

"The celebration of science in Australia is pretty thin."

"Basic science is done through public funding. It can't be left up to the magic of the market. It doesn't work in innovation."

"We still have high quality universities. If we keep cutting back on that sector we're going to lose it. It's sad."

"Australia, because of its location and the fact it's an open Western country, really has tremendous potential to be an innovation hub."

BARRY MARSHALL (joint Nobel prize in physiology or medicine in 2005)

Photo: Philip Gostelow

"There's a layer of administration and bureaucracy that sits on top of original scientific research that almost doubles the cost or more."

"[There's] not the priority given to academic and scientific pursuit in Australia by politicians and government".

"We need to raise some political pressure and educate politicians."

"[In Singapore] their resources are their people and they say: 'What are they going to do? We want to give them something interesting to do and have them doing things that are going to be white-collar, high-value jobs with some product coming out of it.' "

Fairfax Media