[Sydney, AUSTRALIA] Australian technology company Bullant has received a $3.7 million loan from the Commonwealth Government. Bullant’s flagship products are a server architecture and ASP thin client which it claims enable faster, “zero friction” Internet transactions.
The R&D Start concessional loan is the largest ever offered to an Australian company and, according to Bullant, is roughly three times the amount generally granted. “It is always pleasing to see a local company like Bullant showing a strong commitment to innovation and R&D but we must ensure that good R&D reaches the marketplace,” said senator Nick Minchin, who announced the loan. “Support for R&D commercialization is a key element of the Commonwealth Government’s policy to provide increased economic and employment opportunities.”
But the government is not doing enough, according to Rob Durie, executive director of the Australian Information Industry Association (AIIA). “R&D expenditure has fallen dramatically since the reduction of the R&D tax concession in 1996, in sharp contrast to the preceding decade when Australian R&D grew by 16% per year. Appropriate tax concessions are necessary to provide a positive climate for R&D, and to facilitate and encourage investment in R&D by Australian and international companies,” he said. The AIIA called on the government to increase the concession from 125 percent to 200 percent and to develop “an innovation strategy which will facilitate industry development and encourage R&D investment in the information industry.”
Bullant claimed its loan was “indicative of the importance the Commonwealth Government places on [its] breakthrough technology…it has opened immense possibilities for B2B applications and it was developed and brought to market right here in Australia.”
Senator Minchin said the company had brought a significant benefit to the country in terms of jobs growth. “In the past 12 months, the company has grown from four employees to 115 and by June next year it expects to be employing well over 300 people,” he said.