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

This budget includes $3.1 billion in new money for research in innovation over four years. This includes $703 million to support world-class research in Australian universities and $1.1 billion for new Super Science initiatives. The Super Science Initiative will build on Australia’s strength in space, marine and climate change. It will support the development of future industries, including biotechnology and nanotechnology. It will support business innovation and includes a new Commonwealth Commercialisation Institute, with initial funding of $196 million over four years, to help firms get their ideas to market. It also, as I have said, includes a new research and development tax credit, which is the single biggest reform to business innovation support in more than a decade. (Time expired)