Hon Dr MEGAN WOODS: We have learnt from mistakes made in the past where R  & D was not supported and the spend tailed off during times of economic uncertainty. We recognise that R & D is critical to increasing productivity, the provision of high-value goods and jobs, and our overall economic wellbeing. The loan scheme has provided certainty to R & D intensive firms at a time when they would otherwise have difficulties raising capital, which in turn would have flow-on benefits for the wider economy. 