“Government support for research and development is a critical component in the Australian innovation system,” Business Council Chief Executive Jennifer Westacott said.
One in ten of Australia's workers are employed in a company that is a Business Council Member - it counts accenture, BHP Billiton, and CISCO among its prominent members.
“Australia has a strong record when it comes to pure research, and companies like CSL, Resmed and Cochlear have successfully turned research into commercial success. However, we can do more to translate local research and innovations into commercial opportunities.”
The objective of the Review was to identify opportunities to improve the effectiveness and integrity of the R&D Tax Incentive, which is fundamental to shaping the Australian economy.
“Changes to the structure of the R&D tax incentive must be carefully considered as they would have a powerful impact on businesses in Australia, both small and large.
“The Government also needs to be mindful of sustaining Australia’s international tax competitiveness and the importance of collaboration between business and publicly-funded research bodies.
“No doubt, there will be diverse views on what balance will achieve the best outcomes. What matters is we have an open, constructive discussion on the policy settings that will drive our economy, and the job opportunities that can flow from innovation.