Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I do not doubt the member for Indi's interest in R&D issues, but there a couple of points which I must briefly take issue with. There is a general discussion in her comments about consultation. The government consulted extensively in developing the new R&D tax incentive. It published a consultation paper and two exposure drafts of legislation. The Senate Economics Legislation Committee held a public inquiry into the bill. In addition, there have been extensive discussions with key industry representatives and advisers over the last three years. The government has made some significant changes where stakeholders have made constructive suggestions for improvement, as well as minor clarifying changes in response to concerns raised by the Senate Economics Legislation Committee.

Our budget announcement in 2009 followed an independent review of the National Innovation System, and most recently, between 11 July and 5 August 2011, interested parties were invited to review exposure draft regulations, the decision-making principles and their accompanying explanatory statements. Submissions were generally supportive of the regulations and decision-making principles, and in fact there were a total of 17 submissions received as part of the consultation from groups of various sizes, registered research agencies and firms.

Again, I take issue in terms of manufacturing. The purpose of what we are doing is to help manufacturers minimise the risk involved in research and development. We believe that Australian firms that innovate are more productive and profitable than those firms that do not. Finally, whilst I noticed the member for Indi be very critical of the Greens, it begs the question why the Liberal Party preferenced the Greens ahead of the Labor Party in Melbourne if they are so concerned about the Greens.

Question agreed to.

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