Ms Low has brought up the example of how the Australians support research and development (R&D). For the benefit of the Members of the House who are perhaps less familiar with how the Australian system works, companies with turnover of less than $20 million can enjoy a 150% tax deduction on an unlimited amount of R&D spending. They can also get a 45% refundable tax credit, which is simply a cash conversion, because the corporate tax rate in Australia is 30%. For companies with more than $20 million in turnover, they can enjoy a 133% tax deduction on R&D spending, but there is no cash conversion option for this group. In comparison, the tax deduction for Singapore companies can be up to 400% for the first $400,000 expenditure, regardless of the company's size. And R&D spending above $400,000 also qualifies for a 150% tax deduction. In other words, overall, Singapore's tax deduction for R&D spending is actually more generous, especially for smaller businesses. In terms of cash conversion, the PIC offers a higher conversion rate of 60 cents for every dollar of R&D expenses, whereas Australia offers 45 cents for companies with less than $20 million in turnover. However, while the PIC has a cap of $100,000 expenses for cash conversion, there is no cap in Australia. So, I understand Ms Low's concern about whether this cap constrains our SMEs in their R&D efforts. I would like to assure her that, in fact, based on the latest claims that have been submitted, most SMEs have not exceeded the $100,000 expenditure cap on all types of activities and not just R&D. In other words, the cap is not a constraint in most cases.