Australia's research budget cuts draw flak
Meanwhile, tax cuts and write-offs are offered to small businesses to buy equipment
Sydney
AUSTRALIA is betting on plumbers and coffeeshop owners over scientists and researchers to drive the nation's next wave of economic growth.
The country that brought you refrigerators, black-box flight recorders, bionic ears and wi-fi will cut its research budget by 7 per cent over the next 12 months, and another 10 per cent in the following three years. At the same time, it's offering tax cuts and write-offs in this year's budget for small firms to buy equipment like espresso machines and lawnmowers as the centrepiece of a plan to build a "stronger and more prosperous Australia".
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’