As Australia barrels towards an election on July 2, major parties have been announcing excerpts of their policies as the week progresses. Most recently, the Greens have unveiled their election policy for 2016, boasting a large focus on agriculture and abandoning the higher taxes for working holidaymakers (“backpackers tax”). However, the centrepiece of the Green’s policy was a pledging for extra funding for research and development (R&D) and Landcare. In specific, the party is aiming to convert farmer voters with a promise to […]
Investing in research and development (R&D) is key to increasing innovation, productivity and competitive advantage. It is not only beneficial for businesses, but is also advantageous for the economy of our country. In fact, for many multinational companies, Australia has become the centre of their global R&D activities. This is primarily due to a highly skilled workforce, suitable infrastructure and a favourable R&D tax incentive program. Australia’s R&D Tax Incentive, which has replaced the R&D Tax Concession since the 1st of July […]
Research and development (R&D) by small companies is thriving, providing positive news for Prime Minister Malcolm Turnbull’s drive for businesses to be more innovative in the post-mining boom. To elaborate, new findings in the federal budget papers reveal that small companies spend proportionally more of their revenues on research and development than large ones. In specific, companies with turnover of less than $20 million are the key attributors to the surge in R&D spending in Australia. The federal budget further forecasts that […]
Undeniably, research and development occurs in universities and in businesses – but there remains little connection between the two. Bill Ferris, chair of the federal government’s Innovation Australia, shared similar views when he spoke at a seminar in Sydney hosted by the Young Presidents’ Organisation this week. Specifically, he proposes that Australian business needs to step up its ties with universities and research organisations. Ferris further goes on to state that Australia ranked last in the list of 26 OECD […]