Lifting investment in technology adoption alongside a research and development drive will deliver a $167 billion productivity windfall, according to the Tech Council of Australia, which on Tuesday called for a national target for the combined spend.
The lobby group says the Albanese government must kick off the investment push by adjusting R&D tax breaks, reforming structural tax settings, boosting innovation procurement, and increasing its own investment in skills and tech adoption initiatives.
The group, which counts tech giants and local startups as members, has warned that without the targeted policies Australia will continue to slide down global investment rankings and keep deterring foreign investors and R&D giants, costing the economy $25 billion by 2035.
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