The Group of Eight (Go8) is highly supportive of Labor’s research and development (R&D) tax incentive policy
The Go8 represents Australia’s leading research-intensive universities with seven of its eight members ranked in the world’s top 100 universities. It spends $6 billion a year on research with 99.6 per cent of that research ERA-ranked as world-class or above. It also receives some two-thirds of the sector’s industry research funding.
“The Go8 has been advocating for some years that there is a need for a collaboration premium in the R&D Tax Incentive (RDTI) to drive greater engagement between Australian business and our world class university research sector – as proposed by the Ferris, Finkel, Fraser review of the RDTI,” says Go8 Chief Executive Vicki Thomson.
“So, it is a welcome announcement that Labor has adopted this measure. The Labor policy of introducing a 10 per cent additional tax incentive, as described by Shadow Minister for Innovation, Industry, Science and Research, Senator the Hon Kim Carr, is sensible and indicates a solid intention to give research back its rightful position in policy and Budget, as an essential area that drives productivity and the economy.”
Ms Thomson said that this was also a significant first step in pursuing the target of the nation devoting three per cent of GDP to research and development by 2030. “The ideas, research expertise and research capable staff that business will need to increase its R&D activity by the up to $20 billion per year required to reach this target will largely come from Australia’s research-intensive universities. That is why it is critical to support Australia’s university research base and to provide incentives for business to tap into this base,” she said.
“However, as Innovation and Science Australia’s Australia 2030 Strategy makes clear, the RDTI collaboration premium is just one measure among a raft of measures needed to meet the 3% R&D target by 2030.”
“In Priority Directions 2 – the Go8 policy document released this week – the Go8 outlines measures to put university research on the sustainable footing that will be needed to drive the Australian economy to this 3% target. This includes a transparent approach to the full funding of research – with a higher level of indirect cost support, increased funding for the Australian Research Council, creation of a research translation fund to bring research outcomes to business and the community, maximising the impact of the Medical Research Future Fund (MRFF), and access to international research funds for Australia’s best researchers.”
“The Go8 looks forward to participating in ongoing discussions to make these aspirations for Australian Research and Development and an innovation led economy a reality.”
Priority Directions 2 can be accessed at: https://go8.edu.au/go8-publication-priority-directions-2
Media contact: Vicki Thomson Go8 Chief Executive on +61 417 808 472