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Button highlights industry initiatives in budget



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V M INISTER FOR

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TECHNOLOGY and COMMEBCI SENATOR JO HN BUTTON

Ja, AUSTRALIA -·>»>»Î§^ Ζ««

UNDER EMBARGO UNTIL 3.00PM 20 AUGUST 1991 112/91

BUTTON HIGHLIGHTS INDUSTRY INITIATIVES IN BUDGET

The Minister for Industry, Technology and Commerce, Senator John

Button, said the Federal Budget confirmed the Government's commitmei|it

to industry assistance programs through his Department.

"Continued support by the Government for the growth and development

of Australian industry has seen funding for major industry programs

and for a number of new initiatives outlined in the Industry Policy

Statement of 12 March," Senator Button said.

Announcements included:

. $4.4 million in 1991-92 for the Multi Function Polis project,

with a total three year funding package of $1.2 million, for

initial start-up costs?

$12 million in additional funding in 1991-92 to CSIRO, the

Australian Nuclear Science and Technology Organisation (ANSTO)

and the Australian Institute of Marine Science (AIMS) to impro-v

capital assets; . '

h e

$1.3 million over three years to expand the AIMS Great Barrier

Reef monitoring program;

$14 million over three years for the Small to M edium Enterprise

(SME) Development Program to address m a n y of the major

impediments to small business development?

C ommonwealth p a r l ia m e n t a r y LIBRARY

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an Advanced Manufacturing Technology (AMT) Development

Program to assist product development - trial, demonstration

and commercialisation - in the area of advanced manufacturing

technology at a cost of $20 million .over four y e a r s .

the development of a State-Of-The-Art Policy Bylaw, which

will provide for duty-free entry for n e w technology equipment

not made in Australia, allowing all manufacturing sectors

access to such equipment at internationally competitive

prices;

simplified and extended exemptions from wholesale sales tax

for inputs in the pre-production (including research and

development), production related and post-production

activities of g o o d s ' producers;

the development of legislation to change the depreciation

system so as to both simplify it and assist in the move to a

system of self assessment of income tax;

the development of legislation to allow capital expenditures

on environmental impact studies to be tax deductible;

a benchmarking research project to be undertaken by the

Bureau of Industry Economics (BIE) to develop performance

measures of Australian companies against overseas "best

practice" and provide public indicators of improvement of

these companies; \

an import credit scheme to enable Australian manufacturers of

textile, clothing and footware products to receive an import

credit as a proportion of the Australian value-added content \

of their, e x p o r t s .

* ‘ . , · · ' -f # -

CANBERRA Contact:

Mike Roberts

Minister's Office ‘

(06) 277 7580 (w)

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