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Australian Innovation System Senate Inquiry

July 31st, 2014

On 18 March 2014 the Senate referred the inquiry into Australia’s innovation system to the Senate Economics References Committee. The Economics Legislation Committee inquires allow interested parties to submit their views on the Australian Innovation System.

Swanson Reed’s submission focused on key areas of policy and investment in order to ensure Australia remains globally significant in an increasingly competitive world.

Our key points are illustrated below:

  • With the rise of Asia, a well executed innovation strategy involving full and fair stakeholder consultation will be Australia’s best chance at driving jobs, maintaining global competitiveness and growing the economy.
  • Australia needs to become a world leader in innovation if we are to maintain our standard of living.
  • IP intensive industries and globally connected technology hubs are key to driving economic growth.
  • A stable and certain R&D Tax and Grant system will be crucial in providing companies with the confidence to invest in innovative activities.

In conclusion of the submission:

1. Australia needs to develop a well executed innovation strategy that involves full and fair stakeholder consultation.
2. To maintain our high standard of living, Australia needs to become a world class innovator.
3. IP intensive industries and globally connected technology hubs are key to economic growth.
4. Australia needs a stable and certain R&D Tax Incentive program as well as a merit based grant funding system for provision of seed capital.

A report of the inquiry findings is expected by the first sitting day of July 2015.

AAT - Swanson Reed - Specialist R&D Tax Advisors

Australian innovation system

 

 

 

 

 

 

 

Click here to view the full Swanson Reed submission.

 

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