Government Policy and Treasury

Opposition make first comments on Innovation Policy Since Election.

November 18th, 2019

At a recent speech, shadow minister for Innovation and Technology Clare O’Neil has made some high-level comments with respect to the R&D Tax Incentive and Australia’s innovation policy.   Key points from the speech included the following: Australia’s national spending on R&D is about 1.8% of GDP. World-leading countries are spending more than 4%, and the OECD average today is well above Australia’s at about 2.4%; 2016-17 was the first year R&D spending in Australia actually went backwards; Labor noted […]

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Ai Group Calls for Stability to R&D Tax Incentive

August 7th, 2019

Within comments posted by the AFR, Ai Group chief executive Innes Willox has called on the government to abandon proposed reforms to the R&D Tax Incentive, as well as provide increased investment in direct R&D Programmes. Innes Willox made specific reference to the ‘Intensity Threshold’ test within proposed R&D Reforms as a harmful measure. If introduced, the ‘Intensity Threshold’ would act to reduce the relative R&D Tax saving for companies spending a lower proportion of their total business expenditure on […]

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Importance Of Stable R&D Tax Incentive A Consensus During AFR Innovation Summit

July 31st, 2019

This week, the Australian Financial Review (AFR) hosted its annual Innovation Summit involving presentations and discussions by technology sector and industry leaders. The importance of stability in innovation policy (and in particular, the R&D Tax Incentive) was a largely uniform view among those participating in the summit. Key notes from the presentations include the following: A representative from CSL noted that the timeline for commercialising drugs required thinking in 10-15 year cycles, and that frequent changes to innovation policy made […]

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Government indicates Senate Economics Committee recommendations on R&D reforms being considered, whilst R&D companies call for certainty

July 4th, 2019

An article published in today’s SMH has indicated that the government’s proposed reforms to the R&D Tax Incentive may be back on the agenda. The bill to enact these reforms, the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018, did not pass through the Senate, and a Senate Economics Legislation Committee recommended that the bill should be deferred from consideration until further analysis of the bill’s impact is undertaken, […]

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