News of the WeekAustralia

Budget Backs Report on Boosting Biotech

Science  21 May 1999:
Vol. 284, Issue 5418, pp. 1248-1249
DOI: 10.1126/science.284.5418.1248

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Summary

MELBOURNE-- Last week the Australian government announced a new budget that biomedical scientists hail as a first step in changing the country's notoriously conservative investment climate. Its plan to more than double spending on basic medical research over 6 years--to $235 million by 2004-05--mirrors a recommendation last December by a high-level review panel looking at ways to improve the country's competitiveness in health and medical research. Scientists are optimistic that support for reform of tax laws to encourage venture capitalism is not far behind.