Here’s a breakdown of the provided text, focusing on the key points and the business lobby’s proposals:
Main Topic: The upcoming government economic reform round table and the proposals from business lobby groups, particularly the Australian Chamber of Commerce and Industry (ACCI) and the Australian Industry Group (AI Group), regarding innovation and business growth.
Key Issues Raised by Business Lobbies:
Lagging Behind Other Nations: both ACCI and AI Group highlight that Australia is not performing as well as other countries in terms of innovation and business environment. Poor Business Environment: ACCI points to issues like poor private investment and outdated tax and regulatory systems as discouraging innovation. Inadequate R&D Strategy: AI Group believes the current Australian Research and Progress (R&D) Strategy is not working and needs meaningful restoration to be dynamic and responsive.
R&D as a Driver of Prosperity: Both groups emphasize that R&D investment is crucial for national prosperity, not just an academic pursuit.Business Lobby Proposals for Promoting Innovation and Business Growth:
Financial Incentives:
Refundable Tax Transits: A mechanism to provide tax benefits that can be received even if the business has no tax liability.
Direct Grants: Financial assistance provided directly to businesses.
Concession Funding Opportunities: Access to funding with favorable terms, especially for small and medium-sized enterprises (SMEs).
Specific, Low Interest Government Loans: Loans with reduced interest rates to support business research and development.
Policy and Strategy:
Long-Term Policy Obligations: Clear and consistent government commitments to business policies.
Clear Twinning and national government Strategy: A well-defined and coordinated strategy involving different levels of government.
Addressing essential Questions:
Commercialization of Public sector Research: Improving how research conducted in the public sector is brought to market. Strengthening Industry-Research Cooperation: Enhancing collaboration between businesses and research institutions.
Government Action:
The government is holding an economic reform round table in Canberra next month.
This round table will include business groups, trade unions, community sector representatives, and experts.
Groups are submitting proposals and identifying key issues before the event.
Overall Sentiment:
The business lobby groups are advocating for significant government intervention and policy changes to stimulate innovation and improve Australia’s economic competitiveness. They believe that current systems are not sufficient and that a more proactive and supportive approach is needed, including financial incentives and a clearer, more robust R&D strategy. The call for “everything to be on the table” and “no holy cows” suggests a desire for radical change.
