Australian budget: business seeking more incentive for innovation

5 April 2019

Business leaders have been said to voice criticism of the government’s decision to introduce a A$4 million cap on refunds for R&D expenditure for companies with less than $20 million in revenue. A crackdown resulting from the move saw many startups forced to repay substantial sums.

Earlier in 2019, the Australian Industry Information Association urged the government to renew its focus on innovation-friendly policy, including tax incentives and addressing skills shortages. Alex McCauley, CEO of advocacy group StartAus, has also said that the country had lost its way on innovation policy, which had become overly politicised and badly defined.

Business School Small to Medium Enterpise (SME) expert, Dr Sarel Gronum investigates with CEO Magazine how the 2019 Federal Budget impacts startups, SMEs and innovation growth. 

“More could have been done (in the budget) to further stimulate investment,” said Dr Gronum.

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