Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
NFF right on biotechnology.



Download WordDownload Word

image

Media Release

 

BOB McMULLAN MP

SHADOW MINISTER FOR INDUSTRY AND TECHNOLOGY

MANAGER OF OPPOSITION BUSINESS

MEMBER FOR FRASER

 

INDO7/99

2 March 1999

 

NFF RIGHT ON BIOTECHNOLOGY

 

The Minister for Industry, Senator Minchin, must act now on the National Farme rs Federation’s timely warning that Australia is ‘losing the race’ when it comes to capitalising on biotechnological research,” Shadow Minister for Industry and Technology, Bob McMullan, said today.

 

“The NFF is aware that biotechnology is an industry of the future in which Australia has a potential comparative advantage because of our tradition of expertise and advancement in primary production.

 

“As the NFF states, the missing element is the ready availability of large amounts of capital investment.

 

“The situation for the Australian biotechnology industry is becoming urgent - if we don’t act now the biotechnology industry will go offshore forever.

 

“The Government can’t afford to proceed at its current leisurely pace — it is not good enough to wait for the outcome of the long, and possibly tortured, Ralph process.

 

“There is a position that can be adopted right away — reform Australia’s capital gains tax treatment of US pension funds to make it more attractive for them to invest in Australian biotechnology.

 

“I call on Minister Minchin to back Australia’s biotechnology future by convincing Treasurer Costello to act now.

 

“Minchin has been missing in action on accellerated depreciation - lets hope he’s not missing in action on the biotechnology revolution,” Mr McMullan said.

 

Further information: Tim Benson (02) 6277 4803 or 0413 805 748

 

 

 

dd