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This House stands with you

By Michael Knox - posted Thursday, 8 October 2020


In this Budget, the government provides $2 billion in additional Research and Development incentives – removing the cap on refunds, lifting the rate and rewarding those businesses that invest the most.

The government is also providing:

  • $459 million in additional funding to the CSIRO;
  • $1 billion for new research funding for our universities, backing our best and brightest minds whose ideas will help drive our recovery;
  • $1.9 billion in new funding as part of our energy plan to support low emissions and renewable technologies, helping to lower emissions and address climate change.
Advertisement

The Government's COVID-19 vaccine and treatment strategy supports early access to, and delivery of, safe and effective COVID-19 vaccines and treatments as soon as they become available. The Government will provide $1.7 billion over two years from 2020-21 to secure access to over 84.8 million doses of potential vaccine candidates developed by the University of Oxford and the University of Queensland.

Conclusion

The document that was presented by Josh Frydenberg is much more than an annual Budget. It is a multi-year program for national recovery. The breadth of its conception and its potential for long term benefit for the Australian economy is the greatest of any set of programs since those introduced to establish and expand Australian manufacturing at the end of World War II.

It is obvious that this government has spent some time developing this program on recovery and development. The discussion of this program is much greater that can be covered in a single document.

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This article was first published by Morgans.

Disclaimer

The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual’s relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so. Those acting upon such information without advice do so entirely at their own risk.

This report was prepared as private communication to clients of Morgans and is not intended for public circulation, publication or for use by any third party. The contents of this report may not be reproduced in whole or in part without the prior written consent of Morgans. While this report is based on information from sources which Morgans believes are reliable, its accuracy and completeness cannot be guaranteed. Any opinions expressed reflect Morgans judgement at this date and are subject to change. Morgans is under no obligation to provide revised assessments in the event of changed circumstances. This report does not constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment whatsoever.



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About the Author

Michael Knox is Chief Economist and Director of Strategy at Morgans.

Other articles by this Author

All articles by Michael Knox

Creative Commons LicenseThis work is licensed under a Creative Commons License.

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