BUSINESS R&D SPENDING FALLS BY NEARLY 30 PER CENT IN THREE YEARS UNDER LIBS

This Budget offers nothing for the industries and jobs of Australia’s future.
 
Budget figures show that the Government's own targets for business expenditure on research and development has fallen by $5.3 billion in the past three financial years.

That is a drop of nearly 30 per cent.
 
This is a measure of the Government’s lack of vision, and lack of commitment to Australian industry and Australian jobs.
 
But all they have done is cut support to Australian industry even further in this Budget, with a new cut of close to $50 million.
 
The Minister for Industry, Science and Technology is meant to be the champion for this sector and new jobs.
 
But Karen Andrews couldn’t even get the word innovation into the Treasurer’s speech.
 
As the sixth Industry and Science Minister in six years, it is hardly surprising that this government has no plan for the jobs of the future.  
 
All this Government has to stand by is the $1.1 billion cut in spending on science, research and innovation — a cut of 10 per cent over the past five years.
 
The latest ABS Quarterly Labour Force data shows that employment in manufacturing is falling. This budget does nothing to stem that tide.
 
There are great challenges and opportunities for Australian industry and workers but this Government is just not interested.
All Australia has now is a nightwatchman government.

Unlike the Liberals, Labor understands that to create good jobs and keep pace with technological change, Australia must remain globally competitive and build the industrial structure of the 21st century.


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