SANTA CLARA, Calif., 25 May 2007. Australia's Prime Minister John Howard and Industry Minister Ian Macfarlane announced the establishment of a $21.5 million (US $17.8 million) National Nanotechnology Strategy. The four-year strategy is part of the Australian government's $1.4 billion industry statement which also includes tax breaks for R&D investors by extending eligibility for the 175 percent R&D tax concession.
Changes to the beneficial ownership test, effective from 1 July 2007, will allow companies to claim the tax concession for R&D projects undertaken in Australia, even if the intellectual property is held offshore. This will make it more attractive for multinational enterprises in technology intense sectors to establish or expand operations in Australia.
Australia's nanotechnology community is comprised of 65 nanotechnology companies and roughly 90 individual research groups, faculties, facilities, and centers from research institutes across Australia. The local industry has increased significantly over the past three years, with the number of companies and research institutes increasing three-fold.
"Nanotechnology is a tiny technology with massive potential. It will have a significant impact in the 21st century, just as information technology had in the 20th century," says Fred Welz, Invest Australia's senior investment commissioner for North America.
The Australian government is committed to developing a globally-focused nanotechnology capability and is continuing to develop measures that will increase investment into this emerging industry.
The global market for nanotechnology is estimated to be worth US $3.6 trillion over the next decade.
Australia's Commonwealth Science and Industry Research Organisation (CSIRO) has undertaken more than 40 separate nanotechnology projects and more than 60 nano-focused companies have emerged in the past five years. CSIRO's new $36.2 million (US $30 million) Niche Manufacturing Flagship will focus on developing nanotechnology applications.
