Australia’s largest network of businesses, the Australian Chamber of Commerce and Industry, welcomes Labor’s pledge today to boost the Research and Development (R&D) tax incentive for Australian businesses that collaborate with universities and the CSIRO, if elected.
“Australia produces some of the finest researchers in the world but we can do much better at collaboration between universities and industry,” Australian Chamber CEO, James Pearson, said today.
“The culture and practice of collaboration and commercialisation of research ideas needs to improve. This is a good step to encourage that.
“The 10 percent premium is a welcome incentive to businesses. It will encourage more PhD students and researchers to think about careers beyond academia and incentivise industry to better use their skills.
“Some of the best research and innovation comes from those who collaborate with industry.
“In our policy manifesto “Getting on with Business – policy priorities for the next Federal Government” released earlier this week, we called for a commitment to restore R&D expenditure and address the need to stimulate more local industry, particularly small businesses, to collaborate and partner with research institutions on R&D.
“This announcement today responds to that need to boost innovation that supports Australian industries to become more competitive.
“We call on all political parties to commit to proactive policies in support of research and development in Australia.”