Australian Treasurer, Josh Frydenberg, emphasised the importance of manufacturing to Australia’s recovery and future prospects.
The Treasurer forecasts that the sector will be a key driver of future jobs and higher wages.
This is why Mr.Frydenberg has announced in his budget billions of dollars in funding and tax support to stimulate the manufacturing sector. For the main points…
The key points of the manufacturing package:-
- $1.5 billion to expand manufacturing activity in medical products and clean energy
- An additional $2 billion in R&D tax incentives aimed at these sectors
- The launch of a new ‘patent box’ with new developments originating in Australia attracting concessional rates of taxation
The increased level of stimulus should be great news for these targeted sectors.