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

We know that private sector spending on research and development follows the business cycle—it increases when GDP rises and contracts when GDP falls. The government has acted to counter this cycle by investing an extra $3.1 billion in research and innovation in this year’s budget, and that does not include the new R&D tax credit, which is worth $1.4 billion a year to business. This investment is designed to ensure that Australia retains and increases its R&D capabilities through the global downturn. Australia has risen from 18th to 15th in the latest World Economic Forum global competitiveness index, thanks mainly to the improvements in macroeconomic stability delivered by this government. Yet the index suggests that we are still underperforming on innovation, thanks mainly to 12 years of Liberal Party neglect. Our investment in the national innovation— (Time expired)