The withdrawal of private and government funding for Australian Pulp and Paper R&D has been an unfortunate work in progress since the 1990s. and is now all but complete. Although Australian R&D has never had the allure of a new technology bubble, historically it has punched above its weight on a global scale. But with the globalisation and commoditisation of the pulp and paper industry, there is now little or no perceived value from home grown research. We celebrate the proud R&D record, and identify reasons for its demise. This has important implications for the future of the Australian Pulp and Paper Industry, not all of them disastrous, but certainly things have to be done differently.