Innovation and Australia’s 2017-18 Budget

Australia’s Treasurer delivered the 2017-18 Budget last Tuesday night and of course we were interested, among other things, on news for those involved in innovation.

Here are the key points on what the budget aims to provide:

  • A$101.5 million over 5 years to establish an Advanced Manufacturing Fund to promote research and capital development for high technology manufacturing businesses;
  • A$26.1 million over 4 years to maintain Australia’s capability in optical astronomy and its international competitiveness in space and astronomy enabled research;
  • A$472.2 million over 4 years to establish the Regional Growth Fund including A$272.2 million to support grants, potentially of A$10 million or more, for major projects supporting long term economic growth.

Further analysis of the budget is necessary, but if you have any queries regarding to how these points effect your business please get in touch with us.