The anticipated National Innovation and Science Agenda has been released by Malcolm Turnbull. It includes initiatives worth $1.1 billion over the next four years and aims to carry Australia from the mining boom to an ‘ideas boom’.

Turnbull stated, "Unlike a mining boom, it is a boom that can continue forever, it is limited only by our imagination, and I know that Australians believe in themselves, I know that we are a creative and imaginative nation."

The innovation agenda emphasises the need for support for innovation across sectors and these fall under the four pillars of culture and capital, collaboration, talent and skills, and government as an exemplar.

Particular initiatives include:

  • Funding incentives to encourage collaboration between research institutions and businesses will be introduced, as well as tax incentives to encourage investment in research and development.
  • Various measures to encourage investment in startups and reduce regulatory barriers to operating small and medium enterprises.
  • Creating an innovation and startup hub in Australia.
  • Reversing the national ‘brain drain’ through improving education in science, technology and mathematics (particularly for girls and women), whilst encouraging overseas talent to come to Australia.

Keep an eye out over the next couple of weeks for more detailed information on the innovation agenda and what it means for startups.

Ashleigh Wall
Senior Associate
Harwood Andrews
T: 03 5226 8559
E: awall@harwoodandrews.com.au

Laura van Stekelenburg
Lawyer
Harwood Andrews
T: 03 5225 5205
E: lvanstekelenburg@harwoodandrews.com.au