United States
It’s battle of the plastics, as Australia’s NSW government reveals plans to create a ‘Silicon Harbour’ innovation centre on Sydney’s infamous harbour. A desolate power station in the Sydney’s inner-west will be transformed into a technological hub, joining multinational tech firms with the startup community.
Premier Mike Baird has been put in change of the transformation and has large aspirations for the space. “This plan showcases the NSW government’s ambition for The Bays Precinct to drive an internationally competitive economy by creating destinations on Sydney Harbour that will generate space for hi-tech jobs and sustainable homes of the future,” Mr Baird said. “The plan will unlock The Bays Precinct’s enormous potential.”
In addition, Planning Minister Rob Stokes reveals a five kilometre long promenade, which will link each different site, and will allow the public to utilise areas that have been untouched for decades. Also embodied in the plan is a waterfront fresh-food market and an outdoor plaza with dining, entertaining areas and pop-up events.
Certainly, the elaborate plans predicted so far do sound like a step in the right direction for Australia’s innovation agenda. However, is creating a technology hub enough? As mentioned in a previous post, a recent NAB Innovation Report Summary revealed just 13% of all firms rate Australia as “highly innovative”.
Correspondingly, one way of further building an innovation society is highlighting the importance of research and development (R&D). Through the R&D Tax Incentive, thousands of Australian companies are given further incentives to innovate. Last year alone, the R&D Tax Incentive provided 13,000 companies with tax support. Companies who are including the R&D Tax Incentive in their tax strategy are reducing their taxes, freeing up their capital, and increasing their competitive edge in an competitive economy. Contact us today to see if you are eligible to claim the R&D Tax Relief.
