The university sector’s peak body will on Wednesday push for new tax breaks for companies that partner with universities on research and development, even if it means reducing the support for non-collaborating businesses.
The change is designed to encourage more IP generating research and comes amid frustration about businesses underinvesting in R&D and importing ideas without attempting genuine breakthrough work locally.
The latest data shows Australian business expenditure on R&D is increasing — up to more than $24 billion in 2024 — but still remains far below comparable nations in terms of a share of GDP.
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