Innovating an “Ideas Boom”

7 December 2015

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Prime Minister Malcolm Turnbull unveiled his much-anticipated Innovation Statement, saying he wanted to drive an “ideas boom”. The statement allocates almost $1.1 billion over the next four years to promote business-based research, development and innovation.

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Key measures

A key focus of the plan revolves around strengthening ties between the business community, universities and scientific institutions.
A $200 million innovation fund will co-invest in businesses that develop technology from the CSIRO and Australian universities. CSIRO will also get an extra $20 million to help commercialise research outcomes.
The mechanisms for funding university research are being simplified, with more focus on industry collaboration and less on publishing articles in academic journals. The six block grant schemes will be collapsed into two, with equal rating for research excellence and income from industry. The government will add $127 million in funding for university research over the next four years.
The previously endangered National Collaborative Research Infrastructure Scheme will receive $1.5 billion over 10 years for projects such as ocean monitoring, advanced manufacturing and medical research.
There will also be $800 million over the decade for two major scientific projects: the Australian Synchrotron in Melbourne (which uses light beams a million times brighter than the sun to generate discoveries) and the Square Kilometre Array (the largest radio telescope ever constructed).
The government will spend $84 million “inspiring” Australians in digital literacy and science, technology, engineering and maths (STEM). This includes new money to upgrade teachers’ digital skills, educational apps and $13 million to boost the participation of girls and women in STEM.

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Fact Sheets

ADVANCING QUANTUM COMPUTING TECHNOLOGY IN AUSTRALIA

The Australian Government will invest $26 million over five years to support the development of silicon quantum computing technology in Australia.

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Factsheet 15 – Advancing quantum computing technology in Australia.pdf	133.94 KB

AUSTRALIA’S GLOBAL INNOVATION STRATEGY

The Australian Government will invest $36 million over five years through a Global Innovation Strategy to improve Australia’s international innovation and science collaboration.

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Factsheet 12 – Australia’s Global Innovation Strategy.pdf	189.78 KB

BIOMEDICAL TRANSLATION FUND

A new Commonwealth body for the Biomedical Translation Fund will be established in 2016.

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Factsheet 6 – Biomedical Translation Fund.pdf	180.98 KB

BUILDING WORLD-CLASS NATIONAL RESEARCH INFRASTRUCTURE

The Australian Government will invest $2.3 billion over the next 10 years in cutting-edge national research infrastructure.

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Factsheet 10 – Building world-class national research infrastructure.pdf	161.08 KB

CSIRO INNOVATION FUND

The Australian Government is supporting commercialisation of research from the Commonwealth Scientific and Industrial Research Organisation (CSIRO), other research organisations and universities through an early stage innovation fund.

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Factsheet 5 – CSIRO Innovation Fund.pdf	193.29 KB

DATA61 – AUSTRALIA’S DIGITAL AND DATA PRODUCTIVITY NETWORK

The Government is investing $75 million in Data61 to capitalise on the data revolution.

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Factsheet 22 – Data61 – Australia’s Digital and Data Productivity Network.pdf	235.78 KB

DRIVING GREATER COLLABORATION THROUGH UNIVERSITY RESEARCH BLOCK GRANTS

The Australian Government is driving greater research-industry collaboration by introducing new research block grant funding arrangements for universities that will give equal emphasis to success in industry and other end-user engagement, and to research quality. We will also provide an additional $127 million to university research block grants over the forward estimates.

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Factsheet 11 – Driving greater collaboration through university research block grants.pdf	138.93 KB

EQUIPPING STUDENTS TO CREATE AND USE DIGITAL TECHNOLOGIES

The Australian Government will invest $51 million (over five years) to help Australian students to embrace the digital age and better prepare for the jobs of the future.

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Factsheet 19 – Equipping students to create and use digital technologies.pdf	169.45 KB

ESTABLISHING AN INDUSTRY-LED CYBER SECURITY GROWTH CENTRE

The Australian Government will provide funding of $30 million through to 2019-20 to establish an industry-led Cyber Security Growth Centre to create business opportunities for Australia’s cyber security industry.

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Factsheet 13 – Establishing an industry-led Cyber Security Growth Centre.pdf	154.47 KB

EXPANDING OPPORTUNITIES FOR WOMEN IN SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS

The Australian Government will invest over $13 million (over five years) to encourage more women to embark on, and remain in, science, technology, engineering and mathematics (STEM) related careers.

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Factsheet 20 – Expanding opportunities for women in science, technology, engineering and mathematics.pdf	142.52 KB

FASTER RESEARCH-INDUSTRY COLLABORATIVE PROJECT GRANTS

The Australian Government is making industry-focussed research project funding available faster to stimulate more collaboration between universities and business.

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Factsheet 17 – Faster research-industry collaborative project grants.pdf	152.28 KB

INCREASING ACCESS TO COMPANY LOSSES

The Australian Government is reforming inflexible rules that prevent companies from claiming losses when they seek out new opportunities to innovate and grow.

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Factsheet 3 – Increasing access to company losses.pdf	225.62 KB

INNOVATION AND SCIENCE AUSTRALIA

Innovation and Science Australia (ISA) will be a new independent body with a mandate to provide strategic whole-of-government advice to the Government on all science, research and innovation matters.

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Factsheet 25 – Innovation and Science Australia.pdf	183.2 KB

INNOVATION AND SCIENCE IN AGRICULTURE

Australia has been at the forefront of agricultural innovation throughout its history.

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Factsheet 27 – Innovation and science in agriculture.pdf	108.09 KB

INNOVATION CONNECTIONS – CONNECTING INDUSTRY TO INNOVATION INFRASTRUCTURE

The Australian Government’s new Innovation Connections programme will invest $18 million to expand and relaunch the existing Research Connections scheme.

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Factsheet 14 – Innovation Connections – Connecting industry to innovation infrastructure.pdf

INNOVATION IN OUR REGIONS

The National Innovation and Science Agenda will drive economic growth throughout Australia. The Agenda provides opportunities for individuals and businesses all across Australia — from our regions, rural and remote communities areas to our city centres — to innovate, commercialise new ideas, create more jobs, and to better our communities.

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Factsheet 28 – Innovation in our regions.pdf	158.1 KB

INSOLVENCY REFORM

The Australian Government is improving insolvency laws to encourage entrepreneurship and innovation.

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Factsheet 8 – Insolvency reform.pdf	126.27 KB

INSPIRING A NATION OF SCIENTISTS

The Australian Government will invest $48 million (over five years) to inspire all Australians.

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Factsheet 18 – Inspiring a nation of scientists.pdf	206.34 KB

INTANGIBLE ASSET DEPRECIATION

The Australian Government will provide businesses with a new option to self assess the tax effective life of acquired intangible assets that are currently fixed by statute. This will better align tax treatment of the asset with the actual number of years the asset provides an economic benefit.

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Factsheet 4 – Intangible asset depreciation.pdf	136.41 KB

MAKING IT EASIER TO ACCESS CROWD-SOURCED EQUITY FUNDING

The Government is introducing new laws that will enable companies to access crowd-sourced equity funding (CSEF) to develop their innovative ideas.

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Factsheet 29 – Making it easier to access crowd-sourced equity funding.pdf	172.6 KB

MEASURING IMPACT AND ENGAGEMENT IN UNIVERSITY RESEARCH

Australia will introduce, for the first time, clear and transparent measures of non-academic impact and industry and end-user engagement in a national assessment of university research performance.

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Factsheet 16 – Measuring impact and engagement in university research.pdf	211.86 KB

NEW ARRANGEMENTS FOR VENTURE CAPITAL LIMITED PARTNERSHIPS

The Australian Government is making changes to the tax treatment of Early Stage Venture Capital Limited Partnerships (ESVCLPs) to attract more investment into our high potential startups.

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Factsheet 2 – New arrangements for Venture Capital Limited Partnerships.PDF	136.37 KB

PROMOTING INNOVATION THROUGH PUBLISHING AND SHARING PUBLIC DATA

The Australian Government will release more non-sensitive public data for private sector innovation and will use public data to improve service delivery and inform policy development.

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Factsheet 26 – Promoting innovation through publishing and sharing public data.pdf	138.89 KB

REFORMS TO EMPLOYEE SHARE SCHEMES

The Australian Government is limiting the requirement for disclosure documents given to employees under an employee share scheme (ESS) to be made available to the public. The Government will also consult with industry on options to amend the disclosure requirements to make ESS more user-friendly.

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Factsheet 9 – Reforms to employee share schemes.pdf	132.39 KB

SETTING UP A DIGITAL MARKETPLACE FOR INFORMATION TECHNOLOGY PROCUREMENT

The Australian Government will create a Digital Marketplace to make it easier for innovative small and medium sized (SME) companies to do business with government.

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Factsheet 24 – Setting up a Digital Marketplace for information technology procurement.pdf	132.27 KB

SUPPORTING INNOVATION THROUGH VISAS

The Australian Government will enhance the visa system to attract the best and brightest entrepreneurial talent and skills to Australia.

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Factsheet 21 – Supporting innovation through visas.pdf	174.38 KB

TAX INCENTIVE FOR EARLY STAGE INVESTORS

The Australian Government will promote investment in innovative, high growth potential startups by providing concessional tax treatment for investors.

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Factsheet 1 – Tax incentive for early stage investors.pdf	147.29 KB

THE INCUBATOR SUPPORT PROGRAMME

The $8 million Incubator Support Programme will grow the next generation of innovative and high performing Australian businesses.

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Factsheet 7 – The Incubator Support Programme.pdf	158.91 KB

TRANSFORMING PROCUREMENT – THE BUSINESS RESEARCH AND INNOVATION INITIATIVE

The $19 million Business Research and Innovation Initiative aims to transform Government procurement.

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Factsheet 23 – Transforming procurement – the Business Research and Innovation Initiative.pdf	187.53 KB

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