Nick Xenophon (SA, Independent) Share this | Hansard source

I thank the opposition for the courtesy of setting out their position, but I am disturbed that the opposition acknowledges that there are technical issues in respect to these offsets, in respect of these changes. I just want to reflect on what Mr Conroy, the member for Charlton, said last year:

I do not see how reducing the R&D tax offset provides an incentive to invest in research and development. Surely it does the exact opposite?

He went on to say:

It is incredibly short-sighted and it is incredibly silly in an era where we need to grow jobs for the future.

My very short question to the finance minister, Minister Cormann, is: has any modelling been done on what the impact of this will be in terms of the level of R&D investment? Has there been an assessment made of the risk of seeing companies doing their R&D overseas, where there may be more generous tax offsets and incentives for R&D?