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Budget Priorities

Supporting Research and Innovation

the Government announced a major initiative to foster innovation

In recognition of the crucial role of innovation in driving national prosperity, the Government released Backing Australia's Ability - An Innovation Action Plan for the Future on 29 January 2001.

The Government will provide $3 billion in support over five years, in addition to the Government's current expenditure on major science and innovation programmes of around $4.5 billion in 2000-01. The Government is working towards three major objectives:

strengthening our ability to generate ideas and undertake research

to strengthen Australia's ability to generate ideas. The Government will provide increased funding for research grants, university research infrastructure, major national research facilities and the establishment of world-class centres of excellence in key emerging technologies. Business will benefit from enhanced research and development tax incentives and funding.

accelerating the commercial application of ideas

to accelerate the commercial application of ideas. The Government will establish a pre-seed fund for universities and public sector research agencies, expand the Commercialising Emerging Technologies (COMET) and the Cooperative Research Centres programmes, and develop an Innovation Access initiative.

developing and retaining Australian skills

to develop and retain Australian skills. The Government will provide further support to foster innovation related skills in schools and universities, including a Postgraduate Education Loans Scheme.

Additional Funding for Innovation

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the Government announced a major initiative to foster innovation	In recognition of the crucial role of innovation in driving national prosperity, the Government released Backing Australia's Ability - An Innovation Action Plan for the Future on 29 January 2001.
	The Government will provide $3 billion in support over five years, in addition to the Government's current expenditure on major science and innovation programmes of around $4.5 billion in 2000-01. The Government is working towards three major objectives:
strengthening our ability to generate ideas and undertake research	to strengthen Australia's ability to generate ideas. The Government will provide increased funding for research grants, university research infrastructure, major national research facilities and the establishment of world-class centres of excellence in key emerging technologies. Business will benefit from enhanced research and development tax incentives and funding.
accelerating the commercial application of ideas	to accelerate the commercial application of ideas. The Government will establish a pre-seed fund for universities and public sector research agencies, expand the Commercialising Emerging Technologies (COMET) and the Cooperative Research Centres programmes, and develop an Innovation Access initiative.
developing and retaining Australian skills	to develop and retain Australian skills. The Government will provide further support to foster innovation related skills in schools and universities, including a Postgraduate Education Loans Scheme.