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What is good science? And what gets public funding?

What is good science? And what gets public funding?

I've heard that we should stop talking about "pure" science and "applied" science; that we should only be talking about "good" science and "bad" science. Last year, CSIRO Chief Executive Megan Clark said as much during question time at her National Press Club address, and this year I heard it recommended again at the Universities Australia Conference.