AusBiotech is in support of the Australian Industry Group’s (Ai Group) R&D Tax Incentive (R&DTI) recommendations, outlined in its recently released report.
Calling for stability within the innovation system, both organisations have outlined how committing to keeping this game-changing programme in its current state will improve outcomes for Australia’s economy and environment, and ultimately for Australia’s people.
The comprehensive 'Fourth Industrial Revolution: Australian Businesses in Transition' report assesses progress on digitalisation and changes in the underlying technological landscape; highlights case studies from leading innovators; and sets out key policy priorities for work by government and businesses.
The report recommends that Government should:
- “Not proceed with the previously proposed stepping of the Research and Development Tax Incentive (R&DTI) rate based on research intensity, which would amount to a substantial across-the-board reduction in support for innovation and not provide meaningful incentives;
- and to commit to much-needed stability for the R&DTI and maintain a strong envelope for innovation support overall, including Cooperative Research Centres, Industry Growth Centres and broader research funding;…”
The R&DTI’s value to innovation and growth in Australia was heard loud and clear in AusBiotech’s recently released Industry Position Survey 2019, where 88 per cent of CEOs surveyed described the R&DTI as the most important government programme for their company, and ninety per cent reported policy stability as ‘very important’ or ‘important’.
Industry is key to bringing future health solutions to patients, and while the Australian life sector is globally recognised for its work, Government and industry must continue to work together to ensure that we stay globally competitive. AusBiotech is working to ensure that the government continues to engage with industry across the life sciences sector, from start-ups to large companies, and across the therapeutics, medical device, and agricultural biotechnology sectors.
The Ai Group is a peak national industry association representing and connecting thousands of employers across Australia. The Ai Group’s view aligns with a joint statement released in the pre-election period, where six other key industry and research groups joined AusBiotech in their R&DTI call for action. It urged all political parties to adopt a common approach to R&D, and to take action to support health and medical research by supporting the conditions that allow industry to do its part. The signatories represent the medical technologies, biotechnologies and pharmaceuticals industry sector and the health and medical research sector.