Through the National Innovation and Science Agenda, the Australian Government will invest $1.1 billion to incentivise innovation and entrepreneurship, reward risk taking, and promote science, maths and computing in schools by focusing 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; and
    Government as an exemplar, to lead by example in the way Government invests in and uses technology and data to deliver better quality services
  • The Agenda is part of the Government’s commitment to establishing Australia as a leading innovation system.

The package’s major initiatives are:

  • $106 million in tax incentives for “angel” investors, who provide seed funding in the early years of a venture’s creation
  • $75m to the CSIRO’s data research arm Data 61
  • $30m for a Cyber Security Growth Centre to create business opportunities in cyber security, which the Government spends $5b on each year
  • $15m over four years towards a $200m CSIRO Innovation Fund
  • $10m over four years towards a $250m Biomedical Translation Fund, in partnership with the private sector

More information on the NISA is available at www.innovation.gov.au

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