House debates

Tuesday, 15 June 2021

Bills

Appropriation Bill (No. 1) 2021-2022; Consideration in Detail

6:36 pm

Photo of Christian PorterChristian Porter (Pearce, Liberal Party) Share this | Hansard source

I'm pleased to speak about the 2021-22 budget and other recent measures in the Industry, Science, Energy and Resources portfolio. This is one of those forums that offers those rare opportunities to speak about the positive developments that occur inside a portfolio, particularly on the expenditure side of a portfolio. Inside my own portfolio, there has been a very significant expenditure in this recent budget. As we work through the impacts of the COVID-19 pandemic, I think the expenditure inside my portfolio is very relevant to this recovery.

There has been $475 million invested to drive industry growth, productivity, and technological and scientific developments, and the new funding in this budget supports strategic investments in Australia's science and research capability. They, in turn, are designed to drive economic growth and job creation in Australia. They help businesses thrive and they meet challenges that exist in the economy as we work our way out of the COVID pandemic recession. That investment of $475 million includes a very major investment of $387.2 million over the next 10 years to support the international collaboration with 16 other participating countries to deliver the Square Kilometre Array. That is, of course, a radio telescope in Western Australia. I recall, indeed, in its inception, when I was a state Attorney-General doing the native title on it, that it will be the world's largest radio telescope, enabling astronomers to learn about the creation of the universe. There will be 350 jobs during its 10-year construction phase, many of those in Western Australia, with 230 ongoing positions over the 50-year life of the project.

Our government is building on the $1.5 billion Modern Manufacturing Strategy announced in last year's budget. That will be part of making Australia a globally recognised, high-quality, sustainable and innovative manufacturing nation. Building on that very significant investment from last year's budget, that $1.5 billion Modern Manufacturing Strategy, we are making investments in this budget to strengthen Australia's antidumping system; we're increasing access to Commonwealth government procurement opportunities; and of course, we are looking to the capacity to develop onshore mRNA vaccine capability to maximise potential applications of that platform over the longer term and indeed a 10-year horizon.

The government is also seeking to explore new frontiers in manufacturing. We're providing $13.3 million to help the Australian Space Agency support the growth of that very exciting industry. As part of the budget, we are also providing $124.1 million to deliver Australia's first artificial intelligence action plan, and that itself is part of the larger $1.2 billion Digital Economic Strategy, which is helping to cement Australia as a global leader in responsible artificial intelligence development and adoption. The government is delivering funding to support and increase Australia's workforce skills in cybersecurity and emerging technologies. That includes $43.8 million over three years to expand the Cyber Security Skills Partnership Innovation Fund, and that fund will create a pipeline of cybersecurity professionals that will meet the growing demand for cybersecurity jobs across the Australian economy.

It's also notable through this budget that we are encouraging more innovation by introduction of the patent box initiative. Of all of the initiatives, I think this is an exceedingly good initiative. The patent box will ensure that tax income derived from Australian patents, specifically in the medical and biotechnology sectors, is incentivised through a 17 per cent effective concessional corporate tax rate. That's going to encourage business to undertake R&D in Australia and keep patents here. This measure is obviously going to be complimented by the government's $2 billion existing investment in R&D through the R&D tax incentive.

Australia's manufacturing sector is presently creating jobs. It's doing so very thoroughly. Indeed, I recently had the privilege of joining in our first Australian Made wheat campaign, encouraging more consumers to buy local, which is supporting our manufacturers and growing local jobs. One job in manufacturing produces three to four jobs in all the other parts of our Australian economy. That's why we've committed that $1.5 billion to expand manufacturing activity and create jobs across our six national manufacturing priority areas. We've continued our work. We're providing significant, timely and necessary investments to ensure that we're maximising opportunities in industry, science and technology over the long term. I think that those investments are extremely sound. They are based on a framework of lower taxes, putting more money in people's pockets and generating business incentives to increase investment and create a path for businesses, which is at the heart of this government. I look forward to other member's participation in this setting.

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