Dio Wang (WA, Palmer United Party) Share this | Hansard source

First of all, I want to make it clear that the Palmer United Party does not believe the budget is headed for a crisis but, when it is reasonably possible to improve the budget, we should do it. Even though I wholeheartedly support the R&D activities in this country, at a time when we are facing harsh budget measures from the government, I think this bill does present a reasonable opportunity for us to target wealthy companies and individuals rather than the sick, the poor and the vulnerable.

There are three things the Palmer United Party does not like about this bill: first of all, it is retrospective. Secondly, it targets Australian companies unfairly because overseas companies can shift their income to other countries. Thirdly, this bill, as it reads, is a long-term policy which no doubt will hurt our research and development industry. As I said, if it is reasonably possible to improve the budget, we should do it. I think this is a good example of the Palmer United Party working constructively with the government to try to improve the budget while also stopping the government from making harsh budget cuts to the sick, poor and vulnerable.

I will move amendments under my name and Senator Xenophon's name. The amendments will address the issues I talked about. First of all, we are going to change the starting date of this bill so that it is no longer retrospective. Secondly, we will change the assessment from income based assessment to R&D based assessment so that this bill targets both Australian companies and overseas companies fairly. Thirdly, because it reads as a long-term policy, which as I said will damage the R&D industry, we are putting a sunset clause in the amendment so that this legislation will sunset in 10 years' time. As I said, this bill, amongst all the other budget-saving measures, is a reasonable measure that we do want to support and will support, subject to our amendments being carried. I urge senators to consider this bill carefully.

(Quorum formed)