Research and development tax breaks cut in Australia:

Australia's federal government has withdrawn Aus$1,000 million ($770 million) in tax concessions to companies engaged in research and development. The tax incentive scheme will be replaced by a system of research grants. The move comes in response to widespread allegations of system abuse and escalating costs, say press reports. The Treasury Department estimated that only around 5% of investor syndicates which were in receipt of tax concessions were genuinely involved in R&D. However, there is concern that the restrictions will adversely affect genuine healthcare research in particular.