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

The R&D tax credit offers innovative firms more realistic and more predictable support for research and development activities. It includes a 45 per cent refundable credit for Australian firms turning over more than $20 million and a 40 per cent non-refundable credit for all other firms, including international firms. Businesses in tax loss can take refundable credit as cash in hand. This doubles research and development support for small firms and restores it to the level that prevailed before those opposite came to government in 1996. It increases support for large firms by a third. As well as giving certainty to local innovators, this will make Australia a more attractive destination for foreign research and development. This is the way of the future. It is a pity we do not hear more from the opposition about supporting these measures.