The inquiry into research and innovation was published on 3 May 2016. The purpose was to: … investigate how the research and innovation sector can better assist in overcoming Australia’s geographic, economic and labour challenges, with a focus on commercialisation including how technology imports and exports could be further facilitated.
The Committee makes six major recommendations:
That Innovation and Science Australia identify emerging industries where strategic research investment could enable Australia to become a world leader.
That the Department of Education and Training review overseas models of university-business collaboration with a view to identifying strategies which could be introduced in Australia.
That the initiatives introduced as part of the National Innovation and Science Agenda be reviewed after three years of operation to determine their effectiveness and whether the programs should be expanded.
That the Treasury undertake a close examination of a patent box scheme. If a patent box is introduced, it should be subject to a sunset clause after three years of operation. A review should be undertaken to determine the effectiveness of the patent box scheme and whether it should be extended and for how long.
That the Treasury undertake a close examination of the proposal for a Manufacturing Finance Corporation. Should such a corporation be established, it should be reviewed after a period of five years to determine its effectiveness.
That the Treasury undertake a close examination of the proposal for an Advanced Manufacturing Tax. Should such a tax be introduced, it should be subject to a sunset clause at which point a review should be undertaken to determine its effectiveness and whether it should be continued.
If you have any further questions or require expert advice, please don't hesitate to contact us.