High­lights of Aus­tralian Bud­get 2018

BioSpectrum (Asia) - - UPDATES - Source: www.mtpcon­nect.org.au

The Aus­tralian Govern­ment has com­mit­ted to in­vest ap­prox­i­mately $2.4 bil­lion in grow­ing Australia’s re­search, sci­ence and tech­nol­ogy ca­pa­bil­i­ties.

R&D Tax In­cen­tive

Re­forms of the R&D Tax In­cen­tive (RDTI) are de­signed to en­cour­age additional in­vest­ment in R&D and en­sure RDTI long-term sus­tain­abil­ity. Con­sis­tent with the rec­om­men­da­tions of the ISA 2030 Strate­gic Plan, a $4 mil­lion an­nual cap on cash re­funds will be im­ple­mented for com­pa­nies with turnover un­der $20 mil­lion, with no life­time cap. Amounts in ex­cess of the yearly cap will be­come a non-re­fund­able tax off­set and can be car­ried for­ward into fu­ture in­come years. The ex­clu­sion of clinical tri­als from the $4 mil­lion an­nual cap on RDTI cash re­funds il­lus­trates the value of clinical tri­als for both eco­nomic growth and health out­comes. Larger com­pa­nies with an an­nual turnover above $20 mil­lion will re­ceive a new re­search and devel­op­ment premium, with mul­ti­ple higher scaled rates of R&D sup­port for higher R&D in­ten­sity of ac­tiv­i­ties and ex­pen­di­ture. The im­pact for R&D in­ten­sive com­pa­nies is also recog­nised with an in­ten­sity com­po­nent and in­creased cap to $150 mil­lion, al­low­ing larger com­pa­nies to con­tinue to be re­warded for additional R&D as they grow. These mea­sures are ex­pected to in­crease R&D ac­tiv­ity un­der­taken in Australia.

Ex­port Hubs Ini­tia­tive

The $20 mil­lion Ex­port Hubs Ini­tia­tive will help Aus­tralian busi­nesses to grow, ex­port and in­crease lo­cal and re­gional jobs. The Ex­port Hubs Ini­tia­tive will fund lo­cal and re­gional hubs which are aligned with the six Growth Cen­tre sec­tors: Med­i­cal Tech­nolo­gies and Phar­ma­ceu­ti­cals (MTPCon­nect); Ad­vanced Man­u­fac­tur­ing; Cyber Se­cu­rity; Food and Agribusi­ness; Min­ing Equip­ment, Tech­nol­ogy and Ser­vices; and Oil, Gas and En­ergy Re­sources.

The Ex­port Hubs Ini­tia­tive will com­ple­ment and build upon Growth Cen­tres’ ex­ist­ing clus­ter­ing ac­tiv­i­ties as well as other re­gional devel­op­ment ini­tia­tives. The ex­ist­ing clus­ter or­gan­i­sa­tions Growth Cen­tres are work­ing with will be able to take ad­van­tage of this ini­tia­tive. It will also fund new hubs.

Through the hubs, lo­cal and re­gional busi­nesses will learn from each other to sup­port their ex­port growth. The hubs will:

● de­liver im­proved lo­cal ca­pa­bil­ity to in­crease

ex­ports, en­cour­age growth and cre­ate jobs

● help small busi­ness ac­cess pri­mary buy­ers and sup­ply chains through ex­port net­work­ing and sup­ply chain events by high­light­ing in­ter­na­tional mar­ket op­por­tu­ni­ties and by tar­get­ing col­lab­o­ra­tive ac­tiv­i­ties be­tween firms in dif­fer­ent sec­tors (e.g. be­tween pack­ag­ing, food, biotech­nol­ogy and trans­port firms) ● pro­vide mar­ket in­tel­li­gence about ex­port op­por­tu­ni­ties ● de­velop ex­port strate­gies, build­ing on iden­ti­fied lo­cal strengths ● en­hance work­force skills through train­ing and sem­i­nars

The Ex­port Hubs Ini­tia­tive will pro­vide matched fund­ing of up to $1.5 mil­lion per an­num for up to four years from 2018-19 to 2021-22, and will open for ap­pli­ca­tions in 2018-19.

In­dus­try Growth Cen­tres

The Govern­ment has agreed to ex­tend fund­ing for the six ex­ist­ing Growth Cen­tres by an additional two years. This will al­low Growth Cen­tres to build on their ini­tial suc­cesses and al­low a fur­ther two years to achieve self-suf­fi­ciency.

Other an­nounce­ments from the In­dus­try, In­no­va­tion and Sci­ence Port­fo­lio in­clude:

● The Aus­tralian Tech­nol­ogy and Sci­ence

Growth Plan will de­liver cut­ting edge dig­i­tal in­fra­struc­ture. ● $29.9 mil­lion to build Australia’s Ar­ti­fi­cial In­tel­li­gence ca­pa­bil­ity to sup­port busi­nesses and work­ers, in­clud­ing fund­ing for CRC projects with a fo­cus on AI, and a na­tional frame­work to ad­dress

stan­dards and ethics for the use of this tech­nol­ogy. ● $20 mil­lion to sup­port Aus­tralian in­no­va­tion in Asia. This will help cap­ture op­por­tu­ni­ties for Aus­tralian busi­ness, en­trepreneurs and re­searchers in Asia, a re­gion that stands to de­liver nearly two-thirds of global growth to 2030 and con­tin­ues the suc­cess­ful Australia-In­dia Strate­gic Re­search Fund.

● $4.5 mil­lion to en­cour­age more women to pur­sue STEM ed­u­ca­tion and ca­reers. This will com­prise the Women in Sci­ence Strat­egy and the devel­op­ment of the Decadal Plan for Women in Sci­ence, and in­cludes the pre­vi­ously an­nounced Women in Sci­ence Am­bas­sador.

The 2018–19 Bud­get has de­liv­ered a $12.4 bil­lion in­crease in the Health Bud­get. The Govern­ment will de­liver $6 bil­lion in fund­ing for Australia’s health and med­i­cal re­search sec­tor, in­clud­ing $3.5 bil­lion for the Na­tional Health and Med­i­cal Re­search Coun­cil, $2 bil­lion in dis­burse­ments from the Med­i­cal Re­search Fu­ture Fund and $500 mil­lion from the Bio­med­i­cal Trans­la­tion Fund.

Na­tional Health and

Med­i­cal In­dus­try Growth Plan

A Na­tional Health and Med­i­cal In­dus­try Growth

Plan will re­ceive $1.3 bil­lion to drive bet­ter health care; de­velop Australia as a global des­ti­na­tion for med­i­cal sec­tor jobs, re­search and clinical tri­als; and sup­port greater re­search to in­crease jobs and the growth of new firms and in­dus­tries. The Aus­tralian Govern­ment has pre­dicted that the Growth Plan will gen­er­ate an additional $18 bil­lion for the Aus­tralian econ­omy; 28,000 new jobs; a min­i­mum of 130 new clinical tri­als; and a 50% in­crease in ex­ports.

An Aus­tralian Ge­nomics Health Fu­tures Mis­sion will be es­tab­lished, with in­vest­ment of $500 mil­lion over 10 years that will help save or trans­form the lives of more than 200,000 Aus­tralian’s through re­search into bet­ter test­ing, di­ag­no­sis and treat­ment. The first ge­nomics project will be Macken­zie’s Mis­sion, with

$20 mil­lion be­ing pro­vided for a pre-con­cep­tion screening trial for rare and de­bil­i­tat­ing birth disor­ders in­clud­ing Spinal Mus­cu­lar At­ro­phy, Frag­ile X and Cys­tic Fi­bro­sis.

A tar­geted Trans­la­tion Re­search Ac­cel­er­a­tor will be es­tab­lished in chronic con­di­tions fo­cused on di­a­betes and heart dis­eases, with $125 mil­lion over nine years from the Med­i­cal Re­search Fu­ture Fund (MRFF).

The ac­cel­er­a­tor aims to help early stage health and med­i­cal re­search to progress to late stage re­search and com­mer­cial suc­cess with sup­port from phil­an­thropic and busi­ness co-fund­ing.

The $1.3 bil­lion Na­tional Health and Med­i­cal In­dus­try Growth Plan:

● $500 mil­lion over ten years for a Ge­nomics

Health Fu­tures Mis­sion;

● $240 mil­lion over four years for a Fron­tier

Health and Med­i­cal Re­search pro­gram to de­velop in­no­va­tive med­i­cal ideas, re­search, de­vices and treat­ments;

● $248 mil­lion over four years for an ex­panded

Rare Can­cers, Rare Dis­eases and Un­met Need clinical tri­als pro­gram, new in­ter­na­tional clinical trial col­lab­o­ra­tions and com­mence­ment of work on a na­tional clinical tri­als front door;

● $94 mil­lion over four years for in­dus­try re­search col­lab­o­ra­tions and bio­med­i­cal and med­i­cal tech­nol­ogy pro­grams;

● $30 mil­lion to the Aus­tralian In­sti­tute of Health and Wel­fare to im­prove ac­ces­si­bil­ity to health in­for­ma­tion and sta­tis­tics; and

● $20 mil­lion to sup­port the Aus­tralian Med­i­cal Re­search Ad­vi­sory Board.

Other an­nounce­ments from the Health Port­fo­lio in­clude:

● $12.4 bil­lion in­crease in the Health Bud­get.

● $6 bil­lion for Australia’s health and med­i­cal re­search sec­tor, in­clud­ing $3.5 bil­lion for the NHMRC, $2 bil­lion dis­burse­ments from the MRFF, $500 mil­lion from the Bio­med­i­cal Trans­la­tion Fund, and a new $240 mil­lion Fron­tier Sci­ence Pro­gram to de­velop in­no­va­tive med­i­cal ideas, re­search, de­vices and treat­ments. ● $2.4 bil­lion in­vest­ment in new medicines to im­prove ac­cess to life-chang­ing and life-sav­ing medicines, in­clud­ing $1 bil­lion to main­tain list­ing all new medicines rec­om­mended by the Phar­ma­ceu­ti­cal Ben­e­fits Ad­vi­sory Com­mit­tee. ● $4.8 bil­lion additional in­vest­ment in Medi­care, with a fur­ther credit of $35.3 bil­lion to meet the es­ti­mates Medi­care Ben­e­fits Sched­ule and Phar­ma­ceu­ti­cal Ben­e­fits Scheme ex­pen­di­ture for 2018-19. ● An in­crease of $338.1 mil­lion in men­tal health fund­ing, with a fo­cus on sui­cide pre­ven­tion, re­search and older Aus­tralians and ad­vanc­ing the Fifth Na­tional Men­tal Health and Sui­cide Pre­ven­tion Plan.

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