The Turnbull Government says its new National Innovation and Science Agenda will help create a strong new economy with more jobs, by investing in the talents and ideas of the Australian people.

PricewaterhouseCoopers has estimated an innovation focussed Australian economy has the potential to add $37 billion to GDP in 2024 and as much as $136 billion in 2034 – as well as creating more than 540,000 new jobs.

The Coalition is investing $1.1 billion to incentivise innovation and entrepreneurship and help bring more great Australian ideas to market, by:

  • Providing tax incentives to encourage investment in innovative start-ups so they can survive and thrive;
  • Attracting more venture capital investment into high potential start-ups; Making it easier for aspiring entrepreneurs to access crowd-sourced equity funding;
  • Helping small businesses attract world-class staff by improving employee share schemes; and
  • Providing long-term funding certainty for cutting-edge, national research infrastructure.


The Agenda will also help prepare our children for the jobs of the future by boosting participation in science, technology, engineering and maths (STEM) in schools.

The National Innovation and Science Agenda focuses on four priority areas:

  • Culture and capital – to help businesses embrace risk and incentivise early stage investment in start-ups;
  • 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; and
  • Government as an exemplar – leading by example in the way it invests in and uses technology and data to deliver better quality services.

Related news & editorials

  1. 13.07.2018
    by      In
    Cybercrime is a potential threat to just about anyone who has any form of interaction with a computer. Or even a phone.
    We store and share our personal information on an increasing number of devices. These technological advances offer fantastic benefits to our quality of life and productivity. But... Read More
  2. 10.07.2018
    by      In
    Making good public policy always involves getting the details right. But it is equally important that we never lose sight of the big picture.
    When we talk about industry policy, we should not forget that at the deepest level it is an answer to this question: what sort of country do we want to be?... Read More
  3. 25.05.2018
    by      In
    The global space industry has undergone a major transformation since astronauts first walked on the Moon in the late 1960s. Half a century later, it is more appropriately known as the global space economy.
    Whereas once space was the domain of governments alone, now it attracts a massive private... Read More
  4. 21.05.2018
    by      In
    This year’s federal budget was delivered during National Manufacturing Week. Apart from that coincidence, however, the budget had almost no connection to Australia’s manufacturers.
    There is certainly nothing in it resembling a plan for the future of the sector, or any recognition of the importance... Read More