This paper outlines the imbalance in Australia's intellectual and high technology trade, and argues that if Australia is to move beyond being a high technology colony, a new attitude toward research and development needs to be engendered, particularly in the private sector of industry. It is noted that Australia supplies a small number of the world's patents, imports much of the high technology and technical expertise used in her industries, and has a high concentration of foreign owned manufacturing. It is suggested that one solution to this scarcity of home grown technology, which would involve closer collaboration between higher education and industry, is a scheme along the lines of the Total Technology Ph.D. program now in effect in the United Kingdom. Four tables present data on the number of patents granted in selected countries in 1980; balance of trade in technology--comparison for various countries in 1981; payments and receipts by private enterprise for technical know-how in Australia, 1976-77 and 1978-79; and foreign ownership, research intensity, and technology purchase in Australia's manufacturing industry. (15 bibliographic reference notes) (Author/EW)