Federal Government loosens R&D purse-strings

Federal Government loosens R&D purse-strings

The Federal Government has opened its investment purse-strings to form the Information Industries Consultative Group (IICG) in a bid to woo Australian organisations which are looking to push ahead with R&D and investment attraction activities.

Speaking in Canberra yesterday John Moore, the Minister for Industry, Science and Tourism said: "the IICG will provide leadership and have a pivotal role in creating a partnership between industry and Government in the information industries."

Moore also took time to do some chest beating on behalf of the Federal Government by revealing some initiatives the Government has already implemented through its Information Industries Action Agenda.

These include:

Establishing Invest Australia to identify and promote national investment and attraction activitiesIncreasing funding to $173 million for the Innovation Investment Fund program which provides a pool of venture capital for emerging, technology-based formsCommitting around $45 million to R&D projects under the Government's R&D Start programEliminating tariffs as of July 1 this year, on inputs to manufacture of information industries equipment. The Government expects this initiative to save Australian businesses $80 million over the next 18 months.

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