Prime Minister Malcolm Turnbull unveiled his much-anticipated Innovation Statement in Canberra earlier this month (Monday 7 December 2015).

Among 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

Australians wanting to take their ideas internationally will also be supported through a $36m “Global Innovation Strategy”, helping them get started in Silicon Valley, Tel Aviv and three other locations, as well as a $22m funding project with German’s Fraunhofer Institute for Manufacturing Technology and Advanced Materials.