Treasurer Jim Chalmers’ federal Budget two weeks ago outlined an expected decline of $640.6 million in payments to companies under the R&D Tax Incentive scheme over the five years to 2028-29.
This decline in support for business investment in R&D is both a mystery and a concern. Particularly for a government that has a stated aim to increase business investment in research and development, which has been in freefall for 15 years.
There is a single paragraph entry buried on page 68 of the Treasurer’s Budget Paper No.1 that bells the cat on this:
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