Australia's R&D Tax Incentive Review report released for consultation

The government is encouraging feedback from Australia’s research and development community, businesses and industry groups and other stakeholders on the R&D Tax Incentive Review findings released today.

Bill Ferris, chairman, Innovation Australia, Dr Alan Finkel, Chief Scientist, and John Fraser, Secretary to the Treasury, were appointed by the Prime Minister in 2015 to review the current scheme as part of the National Innovation and Science Agenda (NISA). Under the NISA, the Medical Technologies and Pharmaceutical sector is identified as one of the key innovative industries of the future.

The R&D Tax Incentive aims to boost the quality and quantity of R&D undertaken by industry to drive productivity and growth. It is a fundamental part of Australia’s R&D system and accounts for around one-third of the Turnbull government’s support for innovation. In 2013–14, around 13,700 entities generated A$19.5 billion ($15 billion) of R&D at an estimated cost to government of around A$3 billion.