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Australian Government Announces details regarding Review of National R&D System

December 4th, 2024

In the May 2024 federal budget, The Albanese Government announced a strategic examination and review of Australia’s R&D system to align it with national priorities and improve outcomes. This week, Ed Husic has announced specific details to launch the review, the first such comprehensive review in nearly 20 years. The review will assess how to maximise the value of R&D investments, strengthen industry linkages, and support national priorities. The review will examine existing systems, such as the Research and Development Tax Incentive […]

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Update on the R&D Review (announced in the May 2024 Budget)

November 18th, 2024

In the May 2024 federal budget, The Albanese Government announced a strategic examination and review of Australia’s R&D system to align it with national priorities and improve outcomes. InnovationAus has recently provided an updated on the status of the review and noted that terms of reference for the review are awaiting approval from The Albanese government and that the review will not be completed for at least another year. Australia’s R&D investment has been declining for over a decade, now […]

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AusIndustry information sessions in November 2024

November 11th, 2024

AusIndustry have announced they will be conducting a R&D Tax Incentive Registration webinar on TUESDAY 12 NOVEMBER 2024. This webinar material notes that it will be introductory and will cover: An introduction to the program; Guide through the key eligibility requirements; Provide the opportunity to ask questions. Representatives from AusIndustry and ATO are noted as being in attendance. Registration material is on the AusIndustry website. Please get in touch with our office if you require assistance, would like to speak to someone about […]

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R&D Tax Incentive expenditure exceeded the Industry Department’s projections

November 4th, 2024

Reporting by InnovationAus has detailed how the value of Australia’s Research and Development Tax Incentive (“RDTI”) has significantly exceeded the Industry Department’s projections by nearly $860 million for the last financial year. Recent Government data reveals that the RDTI accounted for 30.9% ($4.23 billion) of all Commonwealth R&D investment in 2023-24, an increase from the expected 27% ($3.37 billion). The revised RDTI expenditure significantly influenced the total estimated R&D expenditure for the 2023-24 financial year, which increased from $12.6 billion to $13.8 billion. The final […]

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