FRST gains $19 million from budget

R&D grants will be wound down following introduction of tax credits

The Foundation for Research Science and Technology has been boosted with an extra $19 million in funding in yesterday's budget.

FRST will have $492.3 million, including GST, to invest in the 2008 financial year, however, much of this is already committed through multi-year contracts, the foundations says in a budget fact-sheet.

Nevertheless the foundation plans to invest around $120 million through the public good science and technology investment round. In addition, the budget provides $670,000 to support the acceleration of R&D and promote linkages between firms and research institutes. The budget also increases Techlink funding by $2.7 million. Techlink supports business schemes such as SmartStart and TechNet.

The Grants for Private Sector Research and Development scheme is being wound down and will no longer be open to new applicants following the introduction of R&D tax credits in the budget, FRST says.

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