At the request of Senator Abetz, I move:

That the Senate—

(a)   notes the critical role of the former Howard Government’s Commercial Ready program in fostering innovation, leveraging private sector capital, creating jobs and developing new ideas and medical solutions for Australians;

(b)   condemns:

(i)   the Rudd Labor Government for its foolish and short-sighted decision to cut this program,

(ii)   the Rudd Labor Government for pre-empting the outcome of the National Innovation Review, and

(iii)   the Minister for Innovation, Industry, Science and Research (Senator Carr) for describing the Commercial Ready program as assistance to ‘millionaires’; and

(c)   calls on the Rudd Labor Government to:

(i)   fund all projects approved between 28 April and 13 May 2008,

(ii)   compensate individuals and companies who spent money preparing grant applications in good faith, and

(iii)   at least restore the Commercial Ready program for the 2008-09 financial year.