Senate Inquiry into the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019
The Australian Manufacturing Workers’ Union (AMWU) represents over 70,000 workers who create, make and maintain in every city and region across Australia. The workers we represent are employed by companies that engaged in Research and Development (R&D) to improve their products and services so that they can improve productivity, grow their market and export Australian-made goods to the rest of the world.
Reduction in support for R&D sends the wrong message
The Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 (the Bill) will discourage investment in R&D in Australia, leading to some companies shifting these highly skilled, highly paid positions overseas, or abandoning them entirely. This will lead to lower productivity growth, a less a competitive Australian manufacturing industry, less investment in new and upgraded capital and, in the long run, fewer jobs and poorer wages for Australian workers.
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