The life sciences industry is united in its plea to the returned Coalition Government to consider the impacts of the proposed cuts to the Research and Development Tax Incentive (RDTI), Australia’s flagship innovation programme. The fate of the popular programme remains the sector’s number one concern, with many describing it as the most important government programme for their company when developing life-enhancing and life-saving technologies.
In the pre-election period, six other key industry and research groups joined AusBiotech in their urge for action to be taken by supporting health and medical research through supporting the conditions that allow industry to do its part. Industry is a key driver of better health outcomes in our health system, and creating a business environment that better supports emerging and cutting-edge technologies along the pathway from discovery, through clinical trials, to patients, is essential.
Earlier this year, AusBiotech welcomed a Senate Inquiry Committee’s recommendation, led by Senator Jane Hume, to defer consideration of a Bill threatening the RDTI until further examination and analysis of its impact had been undertaken.
Forward estimates within the April 2019 Budget indicated a total $1.35bn in RDTI cuts to the programme, suggesting current policies remain in place. The Government said in media comment that it has not yet made its decision on the Inquiry’s recommendations, and has run its financial estimates on the policies that were in place when caretaker mode commenced.
AusBiotech welcomes the opportunity to work with the returned Coalition government, and to continue demonstrating how life sciences is a key contributor to Australia’s economy and its social fabric, and why the RDTI is so important. Beyond the economic benefit, our sector develops life enhancing and saving interventions around the world, is home for some of the world’s most talented scientists and medical researchers, and is a centre for high-quality medical R&D.