In this Budget, the government provides $2 billion in additional Research and Development incentives – removing the cap on refunds, lifting the rate and rewarding those businesses that invest the most.
The government is also providing:
- $459 million in additional funding to the CSIRO;
- $1 billion for new research funding for our universities, backing our best and brightest minds whose ideas will help drive our recovery;
- $1.9 billion in new funding as part of our energy plan to support low emissions and renewable technologies, helping to lower emissions and address climate change.
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Conclusion
The document that was presented by Josh Frydenberg is much more than an annual Budget. It is a multi-year program for national recovery. The breadth of its conception and its potential for long term benefit for the Australian economy is the greatest of any set of programs since those introduced to establish and expand Australian manufacturing at the end of World War II.
It is obvious that this government has spent some time developing this program on recovery and development. The discussion of this program is much greater that can be covered in a single document.
This article was first published by Morgans.
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