Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

I thank the senator for his interest in innovation. I must say to you that this is heartfelt, because it has been such a long time since we heard from the opposition on the importance of innovation. I am encouraged by the opposition showing such a keen interest in innovation these days. They never showed such interest when they were in government—throughout those 11 years that saw Australia go backwards as our competitors forged ahead. Australia ranked eighth in the OECD for business expenditure on research and development as a share of GDP in 1995-96. By 2005-06, we had slipped to 15th. Why? Because Australia was one of only three OECD countries to reduce its tax benefits for business research and development in the late nineties.