More funding has been granted to assist in the enforcement of intellectual property (IP) crime.
Almost $25 million of federal government funding over the next two years will enable the Australian Federal Police and the Commonwealth Director of Public Prosecutions to more effectively target trademark and copyright crime.
“Anyone who has a new invention, a creative idea or a technological breakthrough is at risk of being an IP crime victim,” says Bob Baldwin, Parliamentary Secretary to the Minister for Industry, Tourism And Resources. “It’s a common misconception that IP crime is a victimless crime. This is simply not true—trade mark infringement can directly affect the bottom line of a company that has worked hard to establish a quality reputation in the market. Anything that tarnishes their reputation will affect the viability of the business and can stagnate business growth.”