The leader of a leading medical devices manufacturer has released a list of six wishes Australian exporters would like to see granted.
Thomas is an advocate for a UK Patent Box-style tax policy, and the Australian Innovation and Manufacturing Incentive (AIM) relates to three of the six wishes. The AIM involves a lower taxation rate for profits on IP commercialised in Australia, aiming to stimulate local high-value manufacturing.
It would “promote innovation within industry, as well as increase our competitive advantage, maintain jobs and increase sales throughout international markets” wrote Thomas.
Thomas states that he’d like policymakers to translate recent free trade agreements into meaningful action, to support renewable energy, and to encourage both start-up and established manufacturing firms.
He also repeated his criticism of the federal government’s December innovation statement, claiming that this lacked “any significant change” for manufacturers.
The executive also noted that exporters have welcomed the continued fall in value of the Australian dollar against the US currency. The AUD fell under $US 70 cents yesterday, following unexpectedly strong US data and the continued slump in China’s stockmarket.
To read the full wishlist, click here.