List of Recommendations

Recommendation 1

2.101

The Committee recommends that the Australian Government identify new and emerging trade opportunities and seek to apply the lessons learned from the Biomedical Translation Fund to help attract industry investment to those opportunities, as part of an updated trade and investment strategy.

Recommendation 2

2.102

The Committee recommends that the Australian Government continue to progress its tax reform agenda, particularly by reducing the company tax rate, as a priority.

Recommendation 3

2.105

The Committee recommends that the Australian Government, in collaboration with State and Territory Governments, the medical profession and pharmaceutical industry:

develop a unified national regulatory scheme for the establishment, conduct and reporting of clinical trials in Australia; and

review Australia’s intellectual property settings, particularly regulatory data protection and the patent notification scheme, to assess if they are an impediment to greater investment.

Recommendation 4

2.108

The Committee recommends that the Australian Government investigate improvements that could be made to the Research and Development Tax Incentive, particularly to meet the needs of small and innovative businesses.

Recommendation 5

2.111

The Committee recommends that the Australian Government, in consultation with industry, review the Global Talent Employer Sponsored program after one year to assess its effectiveness, and make amendments to the program if necessary.

Recommendation 6

2.112

The Committee recommends that the Department of Foreign Affairs and Trade and the Department of Home Affairs work with the music industry to increase access for Australian performing artists to the United States of America market, including consideration of a reciprocal visa arrangement for artist tours and showcases in each other’s countries.

Recommendation 7

2.113

The Committee recommends that the Australian Government implement measures to enhance trade between Australia and Latin America, including consideration of visa requirements for Latin American visitors to Australia.

Recommendation 8

2.117

The Committee recommends that the Australian Government consider further options to support small and medium enterprises to enter (and remain) in export markets, including:

Greater support targeting start-ups and entrepreneurs;

Consideration of current government support for small businesses in the defence export industry, and whether this support could be replicated in more broadly to other industries; and

Greater education and communication (including via digital means), particularly for new exporters, on how to enter and succeed in specific export markets.

Recommendation 9

2.118

The Committee recommends that the Australian Government establish a Superannuation Task Force to explore, develop and recommend structural changes and possible incentive based programs and regulations to increase the level of Australian superannuation fund investment in Australian industries, particularly those with an export focus.

Recommendation 10

3.149

The Committee recommends that the Australian Government permanently increase funding for the Export Market Development Grants scheme by $60 million per year, or alternatively by an amount which will meet the expected demand and reflects the needs of business following the post-COVID-19 resumption of economic activity.

Recommendation 11

3.155

The Committee recommends that the Australian Government continue to push for new export market opportunities, including by:

the signing of new trade agreements, with a preference for multilateral and regional agreements where possible;

considering options to harmonise or streamline regulations where Australia has overlapping trade agreements with the same country; and

prioritising the needs of small and medium sized businesses in the context of trade negotiations.

Recommendation 12

3.156

The Committee recommends that the Department of Foreign Affairs and Trade develop and release a plan for boosting Australia’s exports and investment once the vast majority of Australia’s trade is covered by FTAs (in line with the government’s goal of achieving this by 2022).

Recommendation 13

3.157

The Committee recommends that the Australian Government conduct an assessment of Australian export industries that are over-exposed to a single market and work with industry towards diversification.

Recommendation 14

3.164

The Committee recommends the Department of Agriculture, Water and the Environment, in collaboration with state and territory governments, conduct an audit of the regulatory arrangements for agricultural exports (including seafood) and identify and implement actions in order to:

Harmonise export regulation across local, state and federal jurisdictions, with an aim of achieving a best-practice outcome;

Increase competitiveness for the agricultural industry, including assessing whether cost-recovery arrangements and export registration costs are deterring exports, and a comparison between Australia and its international competitors; and

Assess the impact of red and green tape (at the state and federal levels) on the ability of the sector to reach its goal of growing Australian agriculture to $100 billion by 2030.

Recommendation 15

3.165

The Committee recommends that the Department of Defence implement reforms to expedite Defence Exports Controls approval processes.

Recommendation 16

3.166

The Committee recommends that the Australian Government progress its election commitment to implement a single digital window for trade as a priority.

Recommendation 17

3.169

The Committee recommends that the Australian Government introduce a refundable tax offset for video game development in Australia, similar to offsets provided to the film and television production industries.

Recommendation 18

3.170

The Committee recommends that the Department of Industry, Science, Energy and Resources examine opportunities to further involve Australian businesses, particularly small and medium sized enterprises, in the development and growth of Australia’s space sector.

Recommendation 19

3.171

The Committee recommends that the Department of Foreign Affairs and Trade and the Department of Education, Skills and Employment develop and implement a strategy to expand offshore delivery of university education and vocational education and training.

Recommendation 20

3.172

The Committee recommends that the Australian Government investigate ways of encouraging the growth of Australian-based telehealth services, particularly those with an export focus, in light of the COVID-19 pandemic.

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