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 […]
A recent report published from the Office of the Chief Economist has found that government assistance (such as that available from the R&D Tax Incentive) has a positive impact on a company’s ability to generate external finance. The report referenced previous papers investigating the effectiveness of R&D Tax Incentives which found substantial evidence that receiving R&D tax subsidies improve the likelihood and amount of external financing available to a firm, especially when the firm is small and high-tech (Lerner, 1999; Feldman […]
Following on from Prime Minister Scott Morrison’s calls for business to identify regulatory road blocks to investment, Industry Leaders have named proposed cuts to the R&D Tax Incentive as their key concern. An AFR article published today has reported that industry leaders consider reversing $4B in cuts over the estimate periods from the two preceding budgets as being the single most valuable lever available to the government to encourage business investment. The article had also noted industry lobby association StartupAUS’ […]
The AFR has reported in articles this week that the government may consider incentives for the commercialisation of IP. This follows comments by Treasurer Josh Frydenberg who mentioned he would take a “close look” at the patent box tax incentive offered to companies in the UK whereby companies receive a lower tax rate on profits from intellectual property. Comments from technology sector industry leaders seemed to welcome the development around IP incentives, however, have noted that any introduction of an […]