The Government will actively monitor the impacts of Backing Australia’s Ability together with the new business tax arrangements on domestic and overseas investment in Australian venture capital to ensure they will encourage venture capital investment.
Further Information
This assistance will be provided at no additional cost to the Budget. Funding will come from within existing resources provided to the Department of Industry, Science and Resources. This measure forms part of Innovation Action Plan for Australia - Backing Australia’s Ability.
The Government will extend support for the Australian Building Codes Board, at a cost of $4m over 4 years. The Board is the major instrument for achieving the Government’s objectives in relation to regulatory reform in the building and construction industry. The Board is also critical to achieving the Government’s policy objectives in the areas of Greenhouse Gas Emissions in the built environment and Access to Buildings for People with Disabilities. In both areas, the objectives will be achieved through the Building Code of Australia which is administered by the Australian Building Codes Board.
Further Information
The Commonwealth provides matching funding on a dollar-for-dollar basis with the States and Territories. The Department of Industry, Science and Resources will absorb the cost of this program.
