AusBiotech pleased after first meeting with Wyatt Roy


AusBiotech CEO Dr Anna Lavelle says she was pleased with the organisation's first meeting with Assistant Minister for Innovation, Wyatt Roy.

Mr Roy was appointed following Malcolm Turnbull's recent elevation to the prime ministership. His appointment was part of wider changes that beefed-up the portfolio under the leadership of Minister for Industry, Innovation and Science, Christopher Pyne.

According to Dr Lavelle, during the meeting Mr Roy expressed his desire to take a wider view to innovation policy, including thinking more broadly about tax reform and innovation.

The Government gave the first indication last week that it may be reconsidering the proposed 1.5 per cent cut in the R&D Tax Incentive. Speaking at Senate Estimates, Cabinet Secretary Senator Arthur Sinodinos said under questioning that: "watch this space...there is a lot happening on innovation".

The proposed cut is opposed by Labor and the Greens. AusBiotech has also expressed consistent concern over the impact of the proposed cut, coming on top of other changes to the incentive earlier this year, particularly on smaller biotech companies.

Following the meeting with Mr Roy, Dr Lavelle said the new Government's approach to innovation is very welcome. She pointed to a changed mindset that sees innovation and the relevant tax treatments, particularly the R&D Tax Incentive, as "nation building imperatives."