'Not a good sign': Australia's R&D investment slips against developed peers

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Budget cuts risk driving government investment in research to among the lowest levels in the developed world. The Morrison government has slashed billions from research and development tax incentives in the past two federal budgets | ErykBagshaw

The figure, which measures output per hour worked, has been driven by a lack of investment in new technology, while ongoing uncertainty over government investment has stifled risk-taking, according to businesses such as AirTasker.

Private companies use the tax incentive to minimise their exposure if their innovations fail. The government instituted a $4 million-a-year cap on refunds for companies with turnover of less than $20 million last year, cutting $2.9 billion from the budget, before cutting by another $1.3 billion in 2019.

He said the government would continue to support R&D outside the tax system and noted it had committed $2.4 billion to grow Australia's research, science and technology capabilities and invested $5 billion in the Medical Research Future Fund.

"The Australian economy is far too undiversified; deriving a large part of its foreign income from a few minerals and agricultural products," he said.

 

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1petermartin ErykBagshaw Bloody morons. Couldn’t organise a root in a brothel, let alone manage the economy LiberalAus auspol

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