Ann: Initial Proof-of-Concept results show INV043 to be effective, page-40

Sorry for the caps but I am old and decrepit. I caught the cap lock and when I looked up it was easier to change the lower case to upper than the other way round. It meant nothing else.
As for the substance of the argument: the maximum investment payment from the federal govt. is 40% of the money invested. So you can only be partly true. As well, this payment is a well known part of tax law and is designed to cost the Australian taxpayer nothing, at least in principle. All research expenditure is deductible from taxable income. The payment to IVX from the government is intended to advance the tax payable on income in the future which would otherwise not be payable because of the deduction available. When the company is profitable and liable for company tax the money is paid in the normal course of business and so can be considered as refundable. This is available to all companies in Australia and has nothing to do with any arrangements with a Chinese company. Of course, if there is no profit there will be no "refund". This is available to all companies operating in Australia and is very far from the most wasteful government policy.