Australia to unveil $1billion package for boosting innovation and entrepreneurship

December 07, 2015
Australian Prime Minister would today unveil $1billion plan for fostering greater innovation over 11 various portfolios of the Australian government.

Among the steps taken would be $100 million enhancement for the CSIRO that was hit around $110 million in the funding cuts in the budget of year 2014.

Australia to unveil $1billion package for boosting innovation and entrepreneurship

The package also includes tax incentives, fine words, funding injections, relocating funds and rebadging.

The Australian government would reveal the policies in the areas of research infrastructure, tax and education in STEM (science, engineering, maths and technology) related subjects in an effort to start the culture of innovation.

The schedule also includes the important changes in tax for assist support the start-ups and also introducing the new Entrepreneur Visa for the individuals who are having the financial backlog for developing their ideas in Australia.

The entrepreneurs would be attracted to Australia by this new visa as part of government strategy to motivate the new talent.

This visa would be introduced in the month of November 2016 as the part of the agenda which would be unveiled today.

The Australian government would be making easy for the overseas post graduate students who wish to study in Australia with the dedicated master’s and doctorate level research qualifications in the STEM related fields or ICT subjects to be offered permanent residency.

According to Peter Dutton, Immigration Minister, these reforms would remove the obstructions in the system of visa for facilitating the entry and staying of talented individuals with high skills.

The route to the permanent residency for the post graduate students in the STEM and ICT related fields would be created. The graduate students with these qualifications would be offered additional points towards the application.

The government would spend around $13 million in the coming five years for motivating girls and women to come and stay in the STEM related careers.  Around $51 million would be spent in the next five years for creating the programs for the graduate students and also to assist the teachers for improving their digital literacy.

This is Turnbull’s first key economic policy announcement since he was replaced by the Former Prime Minister Tony Abbot in the month of September.

It is predicted that there would be a relaxation of the laws for bankruptcy and also modifications to the rules in visa for motivating the entrepreneurs and the workers with high skills for traveling to work in Australia.

The complete plan would be explained by Prime Minister Turnbull and Christopher Pyne, Minister for Innovation and Science at the CSIRO, Canberra at afternoon.

Prime Minister has promised for putting the innovation as the foremost agenda of his government, most importantly in the areas like climate change and raising the economic growth and the productivity of the country.

Many business groups are hoping that this statement would offer a realistic plan for the economy of Australia.

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