In particular the ITC industries are dismayed by the Abbott Government turning its back on proposals to amend tax laws to encourage technology-based start-ups via share options schemes similar to those in action in the USA and many other technology-aware nations.
But many also expressed dismay at the impending dismemberment of large parts of the CSIRO, the predictive end of funding for NICTA – an ICT research group which actually commercialises its inventions – as well as the death knell for a number of technology- or innovation-related organisations like Commercialisation Australia and the Innovation Investment Fund.
Susan Campbell, CEO of the Canberra-based Australian Information Industry Association – which represents more than 400 member organisations – led the outcry.
She said: “In delivering his budget speech tonight, the Treasurer said ‘the Government’s focus will be on strengthening the overall business environment so that enterprise large or small can create more jobs in Australia.’ In this context it is disappointing that the Government did not seize the opportunity to announce changes to the current employee share scheme.
“In addition, in relation to innovation, while applauding the creation of the world’s largest medical research endowment fund, the AIIA is seeking to better understand how the establishment of the Entrepreneurs’ Infrastructure Program will redress the abolition of programs including Commercialisation Australia, Enterprise Connect, Industry Innovation Precincts and Industry Innovation Funds, to ensure that Australia is well positioned to create sustainable prosperity and meet emerging global competition.”
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