R.I.P. FOR INNOVATION SUPPORT IN PARRAMATTA

16 JULY 2014

Much-needed support for innovation in Parramatta has been significantly weakened by the Abbott Government’s Entrepreneurs’ Infrastructure Programme (EIP), which has recently been unveiled.

Julie Owens said that if local businesses had been hoping the Abbott Government would offer a credible replacement for the highly successful Labor programs axed in the Budget, they would be sorely disappointed.

“With less than half the funding, EIP has no hope of achieving even half the success of the innovative programs it is replacing,” said Ms Owens.

“Under Labor, 9 firms and organisations in the Parramatta electorate were awarded over $120,000 in Enterprise Connect Tailored Advisory Service (TAS) grants to implement changes to improve their business performance.”

“But the Abbott Government has changed the rules and those companies are no longer eligible to apply for assistance.”

“This is a short-sighted approach to innovation from a Government that has no plan for jobs of the future.”

There has been widespread criticism over the Abbott Government’s decision to scrap eight innovation and research programs, and to slash Labor’s $1 billion investment in innovation to only $342 million.

Overall, Labor’s Enterprise Connect helped more than 21,000 small-to-medium sized enterprises around Australia boost jobs and growth. More than 3800 firms were awarded a Tailored Advisory Service (TAS) grant, worth up to $20,000 to improve their business. In Government, Labor awarded more than $42 million in TAS grant funding to Australian SMEs.

The programs slated for closure are Enterprise Connect, Commercialisation Australia, Enterprise Solution Program, Industry Innovation Precincts, the Innovation Investment Fund, Australian Industry Participation Plans, and Textile, Clothing and Footwear co-investment.

“The Government has put jobs and local businesses in Parramatta at risk by cutting its support for innovation, SMEs and start-ups, and abandoning advanced technology companies and emerging industries.”