Life Sciences & Healthcare

Senate Economics Committee Review Into Proposed R&D Tax Incentive Changes

January 31st, 2019

The Senate Economics Legislation Committee conducted a public hearing in Melbourne on 30 January which heard submissions from various stakeholders including: Cochlear Ltd; Brickworks Ltd; CSL; Dulux Group; The AFR has reported that representatives from these groups have consistently argued that continual change to R&D Tax Incentive introduces uncertainty and reduces Australia’s relative attractiveness as an investment location. In fact, R&D spending in Australia has fallen by over $2 billion since 2013-14. The proposed intensity threshold for companies with annual turnover […]

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innovAGEING – Australia’s First Aged Care Innovation Network

February 22nd, 2018

Australia’s ageing population means that over 1 million aged care staff will be needed by 2050. This presents numerous opportunities for technological and service-based change in the sector. innovAGEING is Australia’s first innovation network for aged care services and aims to encourage progressive thinkers and practitioners in the industry. The innovAGEING program aims to improve the lives of the elderly, helping them to maintain their independence and allowing them to have more say in their way of living. It promotes the […]

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CSL Calls On Government to Maintain R&D Tax Incentive

February 19th, 2018

Australian biotechnology company CSL is supportive of the 2030 Strategic Plan to increase Australia’s level of innovation, but has requested that the government retain the R&D tax incentive for businesses and provide more support to scientists to make a real impact. Chief Executive Paul Perreault stated that, “It’s really about making sure that the R&D done here is actually translated into patient care and commercialised.” He believes that the government’s short-term thinking is why some of the country’s best scientists are […]

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Biotech Industry Wary of Proposed Changes to R&D Tax Incentive

May 2nd, 2017

The Australian biotech industry has concerns about an overhaul of the R&D tax incentive scheme, which could involve eligibility restrictions and cuts. The government has proposed capping R&D tax refunds at $2 million, which could be realised in this month’s federal budget. The uncertainty has already impacted the sector, with both Australian and international companies reconsidering doing clinical trials here. As Chris Nave, managing director of Brandon Capital Partners commented, “$2 million isn’t worth the cost of setting up an […]

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