One of Australia’s largest manufacturing companies has called for a change in the federal tax system to assist innovation and research development in manufacturing.
The Australian Advanced Manufacturing Council (AAMC) says Australia’s treatment of intellectual property in the federal government’s tax review doesn’t reflect an understanding of the global 21st century economy.
This follows the OECD’s (Organisation for Economic Co-operation and Development) report which shows Australia ranks 116th out of 142 countries when it comes to cleverly converting research dollar funds into monetary success.
The OECD estimated Australia had spent about 0.227 per cent of GDP on R&D in 2011, compared to the 1.29 per cent of GDP from America in the same year.
At Setec we invest heavily in the latest software engineering and technology to remain at the forefront of manufacturing innovation and technology. We understand knowledge of the latest global manufacturing developments is critical for our business. In the past year, Setec has doubled its number of in-house software engineers and plans to continue this growth.
Image credit: Auslao Group via website