Scrapping the R&D tax incentive is hardly a smart idea for economic policy

Scrapping the R&D tax incentive is hardly a smart idea for economic policy:

"Did you know that last June Australia set a new world record?

And it had nothing to do with sport.

Australia racked up 21 years of uninterrupted economic growth.

While the rest of the world's economies have undergone their usual ups and downs, Australia experienced not one year of recession. This is the first time that this has happened in the history of modern economics. No other modern economy has ever fared so well.

Yet, what do we have to show for for it?

Recently, during a media interview, I was asked what keeps me awake at night.

Here's what I said:

"I worry that this boom will end and we'll have nothing to show for it. Mining still represents a whopping percentage of our GDP and, when it goes (and it will), we'll be genuinely screwed unless we can develop other industries to replace it."

(Via: James Tuckerman-Anthill Online)