The Australian Government is committing over $1 billion towards igniting an ‘ideas boom’.

The National Innovation and Science Agenda aims to transform Australia’s economy, driving prosperity and competitiveness.

‘Our businesses, universities and research organisations like the CSIRO are also among the best in the world, but Australia can improve in key areas,' Prime Minister Malcolm Turnbull said today.

Australia consistently ranks at or near the bottom of OECD countries for business-researcher collaboration. Risk aversion is high, which can mean Australian startups often encounter resistance to financing.

‘Access to capital at the crucial early startup stage will be boosted through tax breaks that encourage private sector investment,’ said Christopher Pyne, Minister for Industry, Innovation and Science.

Through the National Innovation and Science Agenda, the government will incentivise innovation and entrepreneurship, reward risk-taking and promote science, maths and computing in schools. The focus is on four priority areas:

  • Culture and capital, to help businesses embrace risk and incentivise early stage investment in startups
  • Collaboration, to increase the level of engagement between businesses, universities and the research sector to commercialise ideas and solve problems
  • Talent and skills, to train Australian students for the jobs of the future and attract the world’s most innovative talent to Australia
  • Government as an exemplar, to lead by example in the way it invests in and uses technology and data to deliver better quality services.

‘The release of the agenda is just the beginning. The next step will be a national discussion around this new way of thinking and doing, and the importance of innovation and science to our future,’ said Mr Pyne.

More information on the National Innovation and Science Agenda.