"This package is good for Australia, and good for the globe," Research Australia CEO Rebecca James said.
"It could help a new generation of health researchers take their discoveries a step closer to market."
"The challenge is to ensure that the package includes a focus on Australian medical science to support the development of a robust industry based on medical research."
"Health research and development can find solutions to help contain the growth in health costs, and ensure a healthy Australia into the future," Ms James said.
Ms James welcomed the proposed tax changes as encouragement for more R&D to be undertaken in Australia. Funding for nanotechnology could also contribute to better ways to diagnose and treat disease.
The statement which includes $500 million to extend eligibility for the 175 percent premium R&D tax concession, $351.8 million for Industry Productivity Centres and $21.5 million for a National Nanotechnology Strategy, offers the promise of an Australia which can continue to compete in the global marketplace.
"We look to these initiatives to further boost Australia's outstanding contribution towards improving global health," she said.
About Research Australia
Research Australia is a unique national alliance of over 190 member and donor organisations with a common mission to make health and medical research a higher national priority. For more information on Research Australia visit www.researchaustralia.org