Greens pledge $5bn over four years for research and innovation

Party says it will pay for policy by abolishing fossil-fuel subsidies which would raise $7bn a year

The Greens have announced plans to increase research and innovation spending to 3% of GDP by 2025 and 4% by 2030.

The party leader, Richard Di Natale, and the science and industry spokesman, Adam Bandt, are set to announce the policy on Friday in Melbourne.