In a world's first, Australia can develop a bionic brain provided a funding is raised as launch of a new report calling for a national investment in brain research happens Tuesday.

In July, 2013, a Think Tank hosted by the Australian Academy of Science happened in Melbourne. The Think Tank gathered world leaders in artificial intelligence, brain imaging and neuroscience - 60 of whom were early-and-mid-career Australian researchers.

The report titled 'Inspiring Smarter Brain research in Australia' launched by health Minister Peter Dutton made public all the recommendations from the High Flyers Think Tank of 2013.

Essentially, the recommendations called for the establishment of the Australian Brain initiative, AusBrain, to improve and better coordinate Australia's efforts in brain research -which specifically targets creating the first bionic brain.

Australia has the most potential in bionic brain creation for having the best record in brain research.

"The bionic ear was developed here, and we are close to designing a bionic eye that works. A bionic brain would extend this, and accurately model other brain functions. It could help us to understand and treat conditions like Alzheimer's, dementia, post- traumatic stress disorder, brain trauma in soldiers, accident victims and athletes," Think Tank convenor Professor Bob Williamson said.

The report, 'Inspiring Smarter Brain Research in Australia,' appeals for investments amounting to $250m spread over a period of 10 years as scientists conduct interdisciplinary studies understanding the human brain.

Andrew Barron, Senior Lecturer in Zoology at Macquarie, explained the importance of the bionic brain.

"A bionic brain would provide a whole new approach to the study of not just normal mental function, but also mental disorder such as psychosis, addiction and anxiety. It would provide a new resource to examine the causes of these disorders and even test proposed therapies. Ultimately a bionic brain may even provide a solution for victims of brain damage or stroke by outsourcing some aspects of brain function to a prosthetic device."

As for the million-worth funding that the research requires, he said that the costs tantamount to the benefit that Australia and the world can get from the creation.

"The benefits from an investment in neuroscience now must be weighed against the costs of inaction. These would be the costs to the Australian economy from lost intellectual property, and the consequences to Australian people of delayed solutions for mental illness," Mr Barron explained.