Australia’s peak business lobby is urging the Albanese government to introduce a suite of new incentives to de-risk research and development investment and motivate businesses to develop IP locally.
The incentives, which include a business loan scheme modelled on Canada’s Strategic Innovation Fund and tax credits for onshoring innovation, are designed to respond to the country’s “underperforming” R&D system.
The Business Council of Australia (BCA) also wants the cap on the R&D Tax Incentive (RDTI) lifted or abolished altogether, arguing the scheme, while highly valued by business, is underutilised and “insufficient” on a global scale.
Want to know how this story ends?
Become a subscriber for complete access to all stories on InnovationAus.com and our daily newsletter.
Do you know more? Contact James Riley via Email.