The Turnbull Government is encouraging feedback from Australia’s research and development (R&D) community, businesses and industry groups and other stakeholders on the R&D Tax Incentive Review findings released today.
The review was undertaken by Chair of Innovation Australia Bill Ferris, Australia’s Chief Scientist Alan Finkel and Secretary to the Treasury John Fraser, to:“Identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive, including by sharpening its focus on encouraging additional R&D spending.”
The R&D Tax Incentive aims to boost the quality and quantity of R&D undertaken by industry to drive productivity and growth.
It’s a fundamental part of Australia’s R&D system and accounts for around one-third of the Turnbull Government’s support for innovation.
In 2013–14, around 13,700 entities generated $19.5 billion of R&D at an estimated cost to government of around $3 billion.
Innovation is crucial for both established and new businesses. It’s not just about tech startups or IT; it’s also about established businesses doing things better to be more productive and stay competitive.
The review includes recommendations to improve the effectiveness and integrity of the programme, including encouraging additional R&D expenditure and improving business-research collaboration.
The Turnbull Government is committed to pursuing innovation, and the economic opportunities and jobs it will generate. That’s why it’s important to ensure the government’s significant investment in R&D is generating maximum benefit for the economy and the Australian public.