The value of Australia’s research and development tax incentive exceeded Industry department estimates by almost $860 million last financial year as companies flocked to the scheme for relief amid a difficult business environment.
Government data published earlier this month shows the RDTI made up 30.9 per cent ($4.23 billion) of all Commonwealth R&D investment in 2023-24, up from the 27 per cent ($3.37 billion) that had previously been expected.
It represents the largest disparity between expenditure figures on the RDTI in annual editions of the Science, Research, and Innovation (SRI) Budget Tables since 2013-14, according to InnovationAus.com analysis.
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