Despite the Government boasting it was a $1 billion jobs package, the cost to the Budget is only $421 million over four years. Source: News Limited
TREASURER Wayne Swan will bank a surprise $600 million windfall from the government's jobs and industry package to provide a much-needed boost to his troubled Budget bottom-line.
Despite the Government boasting it was a $1 billion jobs package, the cost to the Budget is only $421 million over four years.
The rest of the package is money already allocated and $378 million is "off-Budget" and related to venture capital spread over 14 years. This is the same way it treats Australia Post and the National Broadband Network.
It means most of the "matching $1 billion'' clawed back by axing research and development tax breaks for 15 to 20 of the nation's biggest companies goes directly to the Treasury.
Mr Swan's office confirmed this saying "with revenues falling dramatically, making a net saving of just over $600 million is the fiscally responsible things to do".
The government said the top 20 companies would still get ordinary tax deductions on research spending but while they made up 0.1 per cent of businesses, they enjoyed a massive 18 per cent of the total cost of R&D tax breaks.
But leading accountant Paul Drum from CPA Australia said the cuts were at odds with the ideas in the Asian Century White Paper to boost innovation.
He warned it could lead to "a flight of much-needed expertise and capital".
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