Australia could reap more than $7 billion each year by reforming uncompetitive R&D tax settings, according to new economic modelling commissioned by the Business Council of Australia, Atlassian and Cochlear.
The analysis, which comes just days after scientists called for levies on big business that under invests in R&D, also found that changes to tax settings would boost productivity by 0.1 per cent each year over the next 10 years.
Business R&D investment has plummet as a share of GDP since 2008, with the decline in expenditure by large companies — the drivers in any R&D ecosystems — “particularly damaging”, according to the new report.
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