In its first significant change to Australian research policy, the new Coalition government has cancelled a scheme that has used tax incentives to encourage investors to form 'syndicates' for commercializing the results of research. Australian researchers and government departments have long been trying to boost local industry and to increase the low level of investment by financial institutions in science and technology. In 1986, the former Labor government introduced an attractive 150 per cent tax rebate on approved expenditure by industry on in-house research and development. This incentive, worth A$550 million (US$433 million) in 1994-95, will be retained and "fine-tuned".
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