To create more and better paying jobs
Investing in innovation
Supporting innovation to build a better future
The Government’s ongoing investment in innovation, science and research will help drive future productivity growth and ensure that Australia is able to take full advantage of new economic opportunities.
Significant progress has been made in implementing the Government’s $1.1 billion National Innovation and Science Agenda. The Budget builds on this progress through investment in critical infrastructure for optical astronomy.
The Government’s investment in astronomy will allow Australia to become a strategic partner of the European Southern Observatory, providing Australian researchers with new opportunities for international collaboration and greater access to world leading astronomy infrastructure.
The Government has commissioned a 2030 Strategic Plan and a Research Infrastructure Investment Plan to guide future investment in innovation, science and research. The 2030 Strategic Plan will be developed by Innovation and Science Australia and the Research Infrastructure Investment Plan will be developed by Government in collaboration with Innovation and Science Australia, the Commonwealth Science Council and the broader community.
Since the last Budget, the Government has implemented a range of initiatives to encourage innovation. These include measures to improve access to capital, make it easier to do business and support collaboration.
The crowd-sourced equity funding framework for public companies will commence in September 2017. The Government will also legislate to extend the framework to unlock this new source of funding for proprietary companies.
Tax incentives available from 1 July 2016 encourage investment in start-ups and venture capital, providing support and encouraging investment in Australian start-ups and businesses.
The Government will legislate to enhance the regulatory sandbox established by the Australian Securities and Investments Commission in December 2016, by allowing more businesses to test a wider range of financial and credit services without a licence. The timeframe will also be extended to 24 months.
Reforms to employee share schemes will protect commercially sensitive information to assist start-ups to more easily attract and retain skilled employees. These changes came into effect on 4 April 2017.
The Government established the $500 million Biomedical Translation Fund to support the commercialisation of bio-medical research in Australia. The first investments in this partnership between the Government and the private sector will be announced shortly.
The Government has made unprecedented commitments to support critical research infrastructure, including a decade of funding to support the National Collaborative Research Infrastructure Strategy, and is investing $13 million to encourage more women to choose and stay in STEM research, related careers, start-ups and entrepreneurial firms.