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

As I was indicating, under the new scheme, benefits in the case I mentioned are increased from $375,000 to $450,000, so it is a major reform to extend R&D support to a new generation of companies that unlocks creativity right across the economy. The R&D tax concession is a great Labor reform and, of course, in its day was obviously a matter of urgent need, but it is now time for a replacement. Those opposite halved its value and ignored the problems that emerged over time in its administration. They have a legacy whereby a mining company that does $20 million worth of R&D is able to claim $500 million for normal mine operations and mineral exploration associated with R&D. They might have a situation under present arrangements where a construction company that does $15 million worth of R&D on air-conditioning systems can potentially claim the $100 million cost of construction of a whole building on the grounds— (Time expired)