CANBERRA, ACT, May 12 -- The Treasurer of Australia issued the following media release:
The Albanese Labor Government is backing business innovation and investment through landmark tax reforms as part of the Budget's productivity package.
Australia is a world leader in innovative ideas and business success stories and we are ensuring that will continue.
New tax incentives will encourage more entrepreneurship and back hundreds of millions of dollars in new research and development for young firms and start‑ups.
The Government's productivity package will reduce regulatory costs by $10.2billion a year, boost long‑run GDP by around $13billion a year through work underway with states and territories, and promote $400million in ad...