Research lobbies back Labor’s plan for a 10 per cent tax incentive for businesses that form research and development partnerships with universities and research institutions (CMM yesterday)

Tony Peacock from the Cooperative Research Centres Association calls it, “a big commitment’ putting Labor on the path to its target of 3 per cent of GDP on research and development.

Science and Technology Australia welcomed, the commitment, which, “will greatly enhance our capacity for research.”

Universities Australia extended its approval (CMM yesterday) saying, “a premium tax concession would boost the number of businesses that tap into the wealth of expertise inside universities and enhance innovation in Australia.”

The Australian Academy of Science also endorses the proposal; “we welcome Labor’s commitment to reforming the R&D tax incentive, particularly the inclusion of a collaborative research premium to foster industry/academy research links.”

As for a business backlash from industry investors who like the existing tax benefits the coalition wanted to, but never did, reign in, the Australian Chamber of Commerce and Industry backed Labor’s proposal;

“Australia produces some of the finest researchers in the world but we can do much better at collaboration between universities and industry. …, The culture and practice of collaboration and commercialisation of research ideas needs to improve. This is a good step to encourage that,” ACCI CEO James Pearson says.