ACCI’s Back to Business campaign is urging the Federal Government to encourage Australian businesses to become world leaders in sustainable technology and infrastructure. To place Australia at the forefront of sustainable energy solutions, the Government needs to develop policies that stimulate and support research.
Expanding the patent box discounted company tax rate to the development of emissions technology is a good beginning. However, more can be done to encourage the development, demonstration and commercial deployment of new and improved zero-emissions and low-emissions technologies.
Due to high tax rates, burdensome regulation and a lack of government support, Australian businesses are often forced to look overseas to commercialise R&D and innovation. This results in the R&D landscape in Australia to be neither competitive nor attractive for businesses. We need to nurture home-grown innovations in areas like energy storage and transportable renewable energy sources where we have the resources and expertise to be world leaders. These areas could include lithium batteries and hydrogen.
For more information on the pillars of the ACCI Back Australian Business campaign, please visit www.backaustralianbusiness.com.au.
