One of the spending cuts in last nights Federal Budget 2008 was the Commercial Ready program. Thankfully the R&D Tax Concession is still available, but this relies on the inventor having the capital upfront. The axing of this program will stifle innovation in Australia, particularly when our venture capital system is so underdeveloped relative to the US and other places. Looking down the Commercial Ready page it is clear what a success the program was. Surely keeping Australian innovations in the hands of Australians should be a priority? Now inventors will be forced to take their goldmines offshore to be exploited elsewhere. I also feel sorry for the many supporting consultants who relied on these grants to help themselves and their clients.
Tim Ramsey
I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog.
Tim Ramsey
Drew Williams
Hmmm, chop off the Comm-Ready grants will achieve some of Swans’ planned budget cuts, but at what price? The Cutler Green Paper won’t be filed until end of July, the responding White Paper wont be tabled until (say) late September, so we might see something in the first quarter of ’09? Sure! Start-ups & innovation opportunities don’t have the time to wait! I’m thinking of forming a new start-up service:- “How-to-immediately take-your-ideas-and-staff-overseas-to-appreciative-Governments-&-capital-markets”! IE. How to leave for good, take the IP elsewhere, with the smart engineers & entrepreneurial spirit, shut the door behind you. We need to vote with our feet to ensure Rudd quickly sees value in developing strong policy for development of innovation & funds it with our mineral wealth, whilst we still have it!
Paul Harris
It is a backward step axing the Commercial Ready Program. It is already difficult enough for Australian cpompanies to do R&D and commercialize their products and this was the only program that offered any assistance. Compared to other countries (in Europe, Asia and the US), Australia was already behind in the assistance the government gives to companies to carry out R&D. Now we will be further behind. We should all write to the relevant Minister and the PM and explain what a bad decision this is.