Intellectual Property
Innovation and the Australian 22-24 Budget
Published 12 May 2023
On 9 May 2023, the Australian Budget was handed down for 2023/24.
In addition to the government recognising that cybercrime and data protection need significantly more attention, the Budget has allocated AU$101.2 million over 5 years to support the “development and uptake of technologies that are enabling capabilities across Australian industries ..” commencing with quantum and artificial intelligence (AI) systems. It is stated that this funding will also extend the National AI Centre and create an Australian Centre for Quantum Growth to “connect and amplify Australia's quantum ecosystem”.
Start-ups have not been left out in the cold either, given plans to establish an Industry Growth Program with a budget of AU$392.4 million, to support small to medium enterprises (SMEs) and start-ups to commercialise their ideas and grow their businesses. It is hoped that this funding will extend to assisting start-ups/SMEs with the registration of their intellectual property rights in Australia and abroad, as required, as registration is key to accessing value and protection of innovation for many reasons. The European Intellectual Property Office (EUIPO) currently has an attractive SME Fund, which reimburses SMEs for the official costs involved in the registration or maintenance of intellectual property rights with the EUIPO. Perhaps, IP Australia will be encouraged to develop a similar Fund for Australian SMEs.
On the downside, the Entrepreneurs Program has terminated. It was a program that provided access to expert advice and financial support via grants, proving popular for some start-ups over the years. It received its fair share of critism as well though, so its axing was not a surprise.
In addition to the government recognising that cybercrime and data protection need significantly more attention, the Budget has allocated AU$101.2 million over 5 years to support the “development and uptake of technologies that are enabling capabilities across Australian industries ..” commencing with quantum and artificial intelligence (AI) systems. It is stated that this funding will also extend the National AI Centre and create an Australian Centre for Quantum Growth to “connect and amplify Australia's quantum ecosystem”.
Start-ups have not been left out in the cold either, given plans to establish an Industry Growth Program with a budget of AU$392.4 million, to support small to medium enterprises (SMEs) and start-ups to commercialise their ideas and grow their businesses. It is hoped that this funding will extend to assisting start-ups/SMEs with the registration of their intellectual property rights in Australia and abroad, as required, as registration is key to accessing value and protection of innovation for many reasons. The European Intellectual Property Office (EUIPO) currently has an attractive SME Fund, which reimburses SMEs for the official costs involved in the registration or maintenance of intellectual property rights with the EUIPO. Perhaps, IP Australia will be encouraged to develop a similar Fund for Australian SMEs.
On the downside, the Entrepreneurs Program has terminated. It was a program that provided access to expert advice and financial support via grants, proving popular for some start-ups over the years. It received its fair share of critism as well though, so its axing was not a surprise.
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