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Go8 Media Release: Group of Eight welcomes R & D Tax Incentive Review report as incisive response

The Group of Eight (Go8), which represents Australia’s leading research intensive universities, welcomes the Review report as constructive, pragmatic, and importantly with an emphasis on sustainable policy.

Go8 Chief Executive Vicki Thomson said that the Go8 now looked forward to further progress in prioritising the view in its earlier Review submission, that research incentives must favour Australia’s SME sector which is the engine room of the economy.

“This relates specifically to the Review’s key recommendation of an incentive premium of up to 20% for businesses undertaking R&D with publicly-funded research organisations such as universities,” she said.

“The welcome inclusion of employment costs for STEM PhD graduates in this measure is especially relevant. It will further enhance our contribution to the economy by directing our high quality R&D graduates into businesses who can most benefit from their skills – especially SMEs.”

Ms Thomson said that industry collaboration was core business for the Go8 whose members collectively earn two-thirds of the sector’s industry research income, and produce more than half of Australia’s PhD graduates.

“The changes recommended in the Review will provide greater incentives for industry to reach out to universities and that is seen by the Go8 as a vital step forward. In total, we are supportive of the recommendations that target performance and transparency of the R&D Tax Incentive; with the need for ongoing consultation to refine detail,” she said.

The Go8 will now engage with the Review process to tailor its recommendations so they can provide the maximum possible opportunity for SMEs to engage with the Go8’s comprehensive and world-rated research and innovation services.

Media contact: Vicki Thomson Go8 Chief Executive (+61) 407 808 472

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