BioMelbourne Network CEO, Dr Krystal Evans participated in a roundtable discussion with Minister Hunt and industry leaders, representatives from Medicines Australia, AusBiotech, Research Australia, MTAA and BioMelbourne Network was a highly constructive session discussing the Review of the R&D Tax Incentive.
Minister Hunt is aware of the potentially damaging consequences of the proposed $2million cap on the refundable tax incentive, and is open to a consultative two-way dialogue to explore alternative design solutions that would ensure the scheme’s sustainability, whilst shielding the biotechnology, medical technology and pharmaceutical sector from damage.
BioMelbourne Network has also reached out to Ministers in the State Government of Victoria, the Hon Wade Noonan and the Hon Philip Dalidakis, who are supportive of our position and have communicated their concerns to federal counterparts about the proposed changes and the impact to Victoria’s future economy. The Federal Government will continue to consult on changes to the R&D Tax Incentive throughout December.
Thank-you to the members who have already contributed valuable case studies and submissions that clearly outline the damage a $2Million cap would cause.