Cuts dressed as integrity: a haphazard approach to funding innovation

Our colleagues at Glasshouse Advisory summarise last night's budget which contains inexplicable cuts to the R&D Tax Incentive program, which combined with other key Budget measures will have a negative impact on Australia's innovation ecosystem.

However, there is a sleeper issue hidden in the Budget papers that provides insight into the reasons why this has happened. In the Budget papers, it is noted that 'the Government will provide $1 million over two years to support a review of existing domestic and international measures of innovation, which will inform the development of new metrics that will ensure innovation is accurately measured in Australia, to guide evidence based policy and better target investments in innovation as a driver of economic growth.'