Ann: Appendix 4E Preliminary Final Report, page-38

With reference not only to Norwood, but to the R&D and tax regime in Australia: the rorts are on a huge scale.

In this case, the company has survived by a series of capital raisings going back nearly a decade, and has lost around $45 million.

In the meantime it has received multiple government handouts through R&D grants and Jobkeeper.

Shareholders (like yours truly) who have lost money in the stock can claim the losses on tax.

Whichever way one looks at it, the government (read honest Mum and Dad taxpayer) has been the loser.

How many billions of dollars have working PAYG taxpayers contributed to the multiple companies in similar positions ?

In the meantime CEOs like Paul Ostergaard and Alan Joyce are chortling.