SCOTT MORRISON DOES NOTHING ON R&D

BRENDAN O’CONNOR MP.
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7 months ago
SCOTT MORRISON DOES NOTHING ON R&D
BRENDAN O’CONNOR MP
Reports today that the Morrison Government is considering an almighty backflip on its cuts to the Research and Development Tax Incentive actually means their big idea to support Australian industry is to merely maintain status quo.
 
The Morrison Government’s answer to the first recession in 30 years is to effectively do nothing to encourage R&D in Australia.
 
Research and Development is suffering under the Coalition, facing further contraction due to COVID-19 and falling R&D funding in the higher education sector, and yet the Government chooses to do nothing.
 
The manufacturing industry is one of the biggest users of the RDTI, and any underinvestment in R&D will jeopardise Australia’s manufacturing future of highly skilled, well paid, secure jobs.
 
After seven years of neglect and a 30 per cent decline in business R&D in the years prior to the pandemic, Australia is far behind where we should be.
 
Innovation is essential to economic growth, generating jobs, creating new products, and bolstering industries. 
 
Under the Liberal Morrison Government, Australia’s R&D investment is dismal and has fallen below 2 per cent of GDP. Australia’s investment levels are below countries such as South Korea, Israel, Sweden, Denmark, Finland, Iceland, Norway and Singapore and yet this government still hasn’t confirmed whether it will abandon its legislation that would see over a billion dollars ripped out of the RDTI, creating further uncertainty for Australian businesses.
 
The Government’s failure to support R&D poses a serious threat to our economy, industries, and present and future workforces.
 
The Government must immediately restore business confidence and work with both private and public sectors to increase R&D as an economic necessity.
 
Industry, Innovation and Science