Action urged to capitalize on opportunity as Australian budget tables reveal loss of support

The release of the Australian federal government’s ‘ Science, Research and Innovation Budget Tables’ this week reveals the losses of almost A$400 million ($374 million) to science, research and innovation, prompting trade group AusBiotech to reinforce its calls for urgent and specific action that will drive growth in the biotechnology industry and therefore the Australian economy.

AusBiotech is urging federal government action to capitalize on the opportunity that Australian biotechnology represents, acknowledging the critical role public policy plays in the development of the industry and in turn industry’s ability to deliver to the economy with jobs of the future, as well as the new technologies that enhance and extend lives.

By incentivising desirable behaviors to build Australia’s innovation ecosystem in a global context, such as providing globally competitive tax policy, and in providing support where the ecosystem currently has gaping holes, the government can make a pivotal difference to the economic prospects.