Creating opportunities for Australian industry

Wide-ranging reforms, including tax reform and reducing red tape, have made it easier for Australian firms to do business. The 2007 industry statement, Global Integration, builds on these achievements and will assist Australian firms to improve their productivity and capture the increasing opportunities offered in global markets.

Global integration

The Government is expanding access to the 175 per cent R&D tax concession at a cost of $200 million over four years. This will encourage multinational firms to increase the amount of R&D they perform in Australia.

The Government will also provide $122 million over five years to facilitate Australian firms’ participation in global supply chains and major international projects through the Global Opportunities programme. This will encourage stronger links between Australian and overseas firms.

More productive Australian firms

The Government will provide $171 million over five years for the establishment of Australian Industry Productivity Centres. The Centres will provide diagnostic and advisory services to firms in the manufacturing and services sectors to enhance their productivity and business performance.

The industry statement also contains a range of measures to help firms innovate, share technology and strengthen links with researchers, including:

• $54 million over four years to continue support under the Food Innovation Grants programme
• $36 million over four years for a CSIRO National Research Flagship for Niche Manufacturing.

The Government will reduce compliance costs for business by introducing a streamlined ABN and business names registration system, at a cost of $49 million over four years.