The government is investing around $2.4 billion over 12 years in boosting Australia's research, science and technology capabilities to build a smarter economy and give Australians the skills they need to prosper.
The budget has handed down that the government intends to bump up the unincorporated small business tax discount rate from 5 percent to 8 percent, up to a cap of $1000, with the rate increasing to 16 percent by 2026-27.
The budget also includes new initiatives to support women in STEM, an Australian space agency and funding to conserve and protect the Great Barrier Reef.
The MRFF will give $240 million to the Frontier Health and Medical Research Program to support new ideas and discoveries, and A$125 million for research into chronic conditions with a focus on diabetes and heart disease.
"We have a long way to go as a nation, particularly on big issues like STEM education and training at school and university and climate change", said Professor Holmes.
A further $707 million in funding from the Medical Research Future Fund will be provided to support the Frontier Health and Medical Research program, expanded clinical trials, Biomedtech programs and Industry Researcher Collaborations.
"This includes modernising Commonwealth cash management by utilising the New Payments Platform for fast payments, which is being rolled out across the banking system in Australia", the Budget documents said.
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This will deliver $1.3 billion to support Australia as a global health industry leader in medical technology, biotechnology and pharmaceuticals while improving health outcomes for all Australians through investments in medical innovation. The road map recommended supporting the development of advanced microscopes, new types of instrumentation, and device fabrication techniques to support research in materials science, biology, medicine, and the environment.
Investment in supercomputing will continue with a A$140 million earmarked for the upgrading of two supercomputers at the Pawsey Supercomputing Centre in Perth and the National Computational Infrastructure facility at the Australian National University.
$125 million for the Million Minds Mental Health Research Mission to support more research and better diagnosis and treatment of mental illness.
A welcome return to indexation of ARC Discovery and Linkage schemes after several years of flat funding, and stable funding for other major Australian research agencies including CSIRO, ANSTO, and Geoscience Australia.
"This Budget fails to appropriately reinvest the taxes paid by Australian motorists in the programs so desperately needed to improve safety, affordability, and mobility", Bradley was also quoted as saying in the press release.
New and continued funding of $536 million to protect the Great Barrier Reef. The budget allocates AU$536 million to protect the Great Barrier Reef by reducing pollution in agricultural runoff, developing coral restoration techniques, and combating outbreaks of crown-of-thorns starfish, which feed on corals.