Wednesday, March 26, 2008 - bsi
Cancellation of Commercial Ready Grant
As of 14 May 2008, as part of the 2008/2009 Budget, the Federal Government terminated the 'Commercial Ready' Grants Program.
An article in the Australian Financial Review (19 May 2008, page 7) described the General Manager of AusIndustry's Innovation Branch, Judy Zielke's surprise and dismay at the termination. The abruptness of this termination has caused problems for many companies, particularly those in the midst of preparing Commercial Ready Grant applications. The report estimated that 220 aspiring technology developers were caught out - 150 in the preparation process and 71 that had already lodged final applications. Because the Commercial Ready program operates under Ministerial Directions and Guidelines, rather than Legislation, there is no avenue to challenge its closure.
The Federal Government stated that closure of the Commercial Ready Program was necessary to allow it to maximise the innovation incentives that will be proposed by the Innovation Review under Dr Terry Cutler, which is expected to be finalised later this year.
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