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

The question that the senator asked me in relation to biotechnology is an important one. The portfolio that I administer spends some $390 million a year on research and industry support for biotechnology alone. This expenditure on biotechnology varies from year to year, as much of it is provided through investigator driven programs or the National Competitive Grants Program. I would expect that support provided through the CSIRO, the Australian Research Council, the National Collaborative Research Infrastructure Strategy and programs under AusIndustry like the Innovation Investment Fund would also continue to provide a broadly equivalent level of support. The new Climate Ready Program of $75 million over four years can provide support for biotechnology projects as well. They contribute to tackling climate change and the environmental challenges that are facing Australia.

Recent media coverage indicates that local investors are shying away from high-risk technology start-up companies in response to the global financial instability. There is an indication that the focus of the biotechnology and other high-tech sectors may shift away from fundraising activities and turn instead to licensing in technology. So the government is considering the recommendations of the report of the Review of the National Innovation System and is now developing a white paper outlining a 10-year plan for promoting innovation across the country. The changes proposed by the national innovation review to introduce tax credits and extend the Innovation Investment Fund should be also welcomed by the innovation sector in that regard. (Time expired)