Government Policy and Treasury

Worldwide Innovation Leaders Come Together Over AI

November 14th, 2016

            Tech leaders Google, Facebook, Microsoft, Amazon and IBM have joined forces to form the Partnership on Artificial Intelligence to Benefit People and Society (Partnership on AI) announced in September. Just as the name suggests the organization will carry out research and development on artificial intelligence with the fundamental purpose of identifying potential AI challenges for people and society. The partnership hopes that their discoveries will effectively self-regulate the industry independent of government intervention. Why […]

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R&D Tax Incentive Review

October 10th, 2016

As part of the National Innovation and Science Agenda launched in December 2015, the government instigated a review of the R&D Tax Incentive programme, chaired by Mr Bill Ferris AC (Innovation Australia), DR Alan Finkel AO (Chief Scientist) and Mr John Fraser (Secretary to the Treasury). The review sought to identify opportunities to improve the effectiveness and integrity of the programme and sought submissions from a variety of stakeholders (download the Swanson Reed submission here). The results of the review […]

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Omnibus Bill – Reduction in R&D Tax Offset Rate

September 19th, 2016

The Omnibus Bill passed both houses of parliament last week and included $6.5 billion of savings measures. Included within these measures was a uniform 1.5% reduction in the R&D Tax Offset rates applying for income years starting on or after 1 July 2016. Whilst returning the budget to surplus is an important task for the government, this reduction is disappointing as the R&D Tax Incentive is the primary mechanism for inducing corporate investment in R&D Activity. The stability of the […]

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Cutting Renewable R&D Funding in Australia

September 14th, 2016

  The Omnibus Bill As Australia’s government prepares to cut spending in order to repair the budget the Omnibus bill has been proposed, including in it a $1 billion cut to the Australian Renewable Energy Agency (ARENA) which will effectively eliminate the agency. Without ARENA funding R&D, renewable energy research will grind to a halt as the policies and cuts being proposed have the potential to set the country back roughly 30 years. The World is Taking Notes For many […]

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