AusBiotech welcomes incoming Federal Government

AusBiotech welcomes the 31st Federal Government of Australia, and extends its congratulations to incoming Ministers and elected members of Parliament.

AusBiotech has worked closely with key Labor Ministers on issues critical to biotech, including end-to-end tax incentives such as preserving the R&D Tax Incentive and introducing a Patent Box, and looks forward to meeting face-to-face after the full ministry has been sworn in, so together we can continue to advance Australian biotech.

Investment in ‘medical science’, innovation, and advanced manufacturing, as well as support to legislate the Australian Economic Accelerator as part of the University Research Commercialisation Action Plan, was announced by ALP during the lead-up to Election. The Party also pledged a $15 billion ‘National Reconstruction Fund’ to invest in our national sovereign capability, including a dedicated $1.5 billion Medical Manufacturing Fund.

With the final votes still being counted, ALP’s Ministerial line-up is still being confirmed, however, the significance of collaboration and partnerships cannot be understated with the cross-bench more than doubling in size. The increase to more than 15 independents and minor parties is unprecedented in Australian politics and demonstrates the importance of ongoing long-term and non-partisan support for biotechnology.

The biotechnology and life sciences sectors have enjoyed non-partisan, solid support from governments over many years, including Federal and State governments, and this ongoing support will be critical as industry seeks to successfully implement the Biotechnology Blueprint (Blueprint).

Achieving the Blueprint goals will require a partnership between governments and industry to create greater investment and funding opportunities, local infrastructure, translatable public sector science, workforce development, and the urgent sovereign capability Australia needs.

The Blueprint will be a critical tool during AusBiotech’s ongoing engagement with governments and will be a key ‘leave behind’ after meetings are held in-person. Tailored solutions-based tools are also being developed to assist understanding and alignment between industry’s goals and government programmes.

A shared understanding and strong relationships will be key to understand each other’s needs, and in obtaining agreement and meeting Blueprint recommendations in the short and longer term, including fulfilling Australia’s ability to meet sovereignty, innovation, technology, and manufacturing goals.

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