How tax incentives are helping R & D in Australia

By Harry Allan

In a recent statement, Australia’s Business Council welcomed the release of the R&D Tax Incentive Review for comment, and stressed the importance of research and development.
 

“Government support for research and development is a critical component in the Australian innovation system,” Business Council Chief Executive Jennifer Westacott said.

One in ten of Australia's workers are employed in a company that is a Business Council Member - it counts accenture, BHP Billiton, and CISCO among its prominent members. 

“Australia has a strong record when it comes to pure research, and companies like CSL, Resmed and Cochlear have successfully turned research into commercial success. However, we can do more to translate local research and innovations into commercial opportunities.”

The objective of the Review was to identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive, which is fundamental to shaping the Australian economy.

“The R&D tax incentive can be the basis for firms to make long-term investments in our economy, which will drive productivity and economic growth.
 

“Changes to the structure of the R&D tax incentive must be carefully considered as they would have a powerful impact on businesses in Australia, both small and large.

“The Government also needs to be mindful of sustaining Australia’s international tax competitiveness and the importance of collaboration between business and publicly-funded research bodies.

“No doubt, there will be diverse views on what balance will achieve the best outcomes. What matters is we have an open, constructive discussion on the policy settings that will drive our economy, and the job opportunities that can flow from innovation.

“We welcome the opportunity to engage with Government on those settings.”
 

Business Review Australia & Asia's September issue is live. 

Follow @BizReviewAU and @MrNLon on Twitter. 

Business Review Australia is also on Facebook. 

Share

Featured Articles

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best new books that will make you a better leader

From inspiring CEO memoirs to strategic guides, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better boss

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

Workplace special – the changing nature of the office

Leadership & Strategy

Meet Shanique Bonelli-Moore, DEI leader at Clorox

Sustainability

Forterro CEO Dean Forbes – inspirational leadership

Leadership & Strategy