Budget: Millions to fight IP crime

The federal government will spend AU$12.4 million over the next two years to tackle intellectual property crime.

As part of today's federal budget announcement, Attorney-General Philip Ruddock said businesses that invest in innovation should not see their returns in someone else's pocket.

Ruddock pointed to the IT sector as one of the areas where Australia produces world class intellectual property.

"As a result of this budget initiative, law enforcement will be better resourced to pursue organised crime, major importers and wholesalers, profiting from piracy and counterfeiting," he said in a statement.

Additional funding of AU$8.3 million over two years will be given to the Australian Federal Police to fight IP crime, particularly where organised or transnational elements are involved.