MLA (Meat & Livestock Australia) released plans to increase investment funding in R&D by about AU$100,000 more than the previous year in support of the innovation and development of the grain-fed and grass-fed beef industry sectors. Of this AU$12.7 million, approximately AU$7 million will be focused on research and development (R&D) while the remaining funds will put towards marketing campaigns for both grass and grain fed stocks.
In Global Meat News, the point was made that as the industry prepares for a wet season this year as well as increased competition within the industry the feed supply will take some strain. As feedlot operators prepare for this season it is critical to implement research and development in order to improve systems and increase competitive advantage.
Within this development the areas of focus are expected to include genetics and genomics as well as the practice of herd nutrition. Undoubtedly there will also be significant focus on the health and environmental standards of the herd and business practices.
Each of these targeted improvements are working towards the established industry goals which surround the healthy relationship with consumers and community, improved internal business function and overall industry success. With the increase of R&D funding for the 2016 and 2017 year industry drivers expect standards and efficiency to increase.
If you would like to discuss the R&D Tax Incentive further, please do not hesitate to contact one of Swanson Reed’s offices today.