Large businesses would pay multi-million dollar levies every year to fund basic research in Australia under a radical proposal being put forward by scientists as a response to plummeting innovation investment.
The businesses could partially or fully discount the levy by investing in their own research and development, but innovation laggards would be forced to contribute up to 0.5 per cent of their revenue to help pay for basic research.
It would apply to businesses with annual revenue of $100 million or more, with some corporate giants facing levies of more than $80 million a year.
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