New incentives for research and a massive investment in innovation by the Gillard Government will help boost productivity and competitiveness and strengthen Australia’s economy.
The Minister for Industry and Innovation, Greg Combet, said the role of innovation was especially important at a time of structural economic change.
“Industries are looking to move up the value chain to take advantage of new opportunities domestically and internationally. That means lifting their capabilities and investing in innovation to improve their profitability,” Mr Combet said.
“As a Government, our priority is to create the right business environment which will ensure Australian industries thrive, particularly given the opportunities in our region,” he said.
The Government is helping to drive investment in innovative technology through:
- The creation of a new $29.8 million Manufacturing Technology Innovation Centre to bring our brightest researchers and manufacturers together to drive innovation in industrial products and processes, and
- The $1.2 billion Clean Technology Programs, which provide grants to help manufacturers improve their energy efficiency and to support investment in clean technology innovation across industry.
The Gillard Government is also boosting Australia’s research and commercialisation capabilities through:
- The new R&D Tax Incentive, estimated to deliver around $1.8 billion in support for 2012-13, which enhances support for small and medium sized enterprises and better targets activities that deliver broader benefits to the economy and society;
- Commercialisation Australia, which will receive $294.1 million in administered funding over the forward estimates, offers funding and resources to accelerate the business-building process for Australian companies, entrepreneurs, researchers and inventors;
- Venture capital – the Government has committed $100 million to attract matching private investment to help grow highly competitive and innovative firms of the future; and
- Strengthening and improving Australia’s Intellectual Property system with the recent Raising the Bar legislation which lifts the standard for patents so Australian innovators can compete in the world market on a level playing field.
The Government is also helping firms develop their capabilities to compete for new business opportunities through measures such as:
- The $25.0 million Automotive New Markets Initiative to assist automotive component manufacturers develop new business opportunities in Australia and overseas;
- Changes to Australian Industry Participation policies to improve opportunities for local suppliers and service providers to win contracts on large resources and infrastructure developments;
- Enterprise Connect’s Continuous Improvement Program to accelerate the competitiveness and raise the performance and productivity of individual Australian companies;
- The Buy Australian at Home and Abroad initiative to give firms the opportunity to become part of the global supply chains of the resources sector; and
- The $6.0 billion Regional Infrastructure Fund – to be partly funded through the Minerals Resource Rent Tax (MRRT) – which supports investments that boost export capacity.
The Gillard Government is committed to supporting jobs, boosting innovation, and increasing productivity and competitiveness.
“We must develop the workers of the future and the infrastructure of the future if we are to meet the many challenges we will face,” Mr Combet said.
“That’s why we are investing in business support, skills, training, education and the development of nation-changing infrastructure like the National Broadband Network.”
“We understand that many businesses are under pressure from increased competition and a continuing high Australian dollar.”
“Through the Prime Minister’s Taskforce on Manufacturing, we are working closely with industry, unions and the research sector on ways of meeting these challenges.”
Media Contact:
Minister Combet's office, Mark Davis 0400 295 560
Minister Combet's office, Gia Hayne 0412 060 406