Australian Academy Calls for Levy on Businesses to Boost R&D Spending

The Australian Academy of Science has suggested that a levy be imposed on businesses to revive research and development (R&D) spending in the country. According to the academy, the current level of R&D spending in Australia is not sufficient to drive innovation and economic growth. The proposed levy would require businesses to contribute a certain percentage of their revenue towards R&D activities. This move is expected to encourage companies to invest more in research and development, leading to the creation of new technologies, products, and services. The academy believes that this initiative would help Australia to become more competitive in the global market and to address the challenges posed by the COVID-19 pandemic. The proposal has been welcomed by some industry leaders, who see it as an opportunity to boost innovation and entrepreneurship in the country. However, others have expressed concerns that the levy could be a burden on small and medium-sized enterprises (SMEs). The Australian government has been urged to consider the proposal and to work with the academy to develop a framework for implementing the levy. The academy has also suggested that the government should provide incentives to businesses that invest in R&D, such as tax credits and grants. Additionally, the academy has recommended that the government should establish a national research priorities framework to guide R&D investment in the country. The framework would identify key areas of research that are critical to Australia’s economic and social well-being. The academy has also emphasized the importance of collaboration between industry, academia, and government to drive innovation and R&D in the country. Furthermore, the academy has suggested that the government should invest in education and training programs to develop the skills of the workforce and to prepare them for the challenges of the future. The proposal has sparked a debate about the role of government in driving innovation and R&D in Australia. Some argue that the government should play a more active role in supporting R&D, while others believe that the private sector should take the lead. The Australian Academy of Science has also highlighted the need for a long-term commitment to R&D investment, rather than short-term fixes. The academy believes that a sustained investment in R&D is essential to drive economic growth and to address the challenges posed by the pandemic. Overall, the proposal to impose a levy on businesses to boost R&D spending has sparked a important debate about the future of innovation and R&D in Australia.

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