Budget2016

Innovation and Science

The National Innovation and Science Agenda is helping Australia harness new sources of growth to deliver economic prosperity.

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Investing in the ideas boom

Innovation is critical to Australia’s growth and standard of living.

The Turnbull Government’s National Innovation and Science Agenda will help create a strong new economy with more jobs, by investing in the talents and ideas of the Australian people.

The $1.1 billion National Innovation and Science Agenda and new measures in this Budget will support a culture of ideas and innovation to encourage commercialisation, reward enterprise and facilitate investment.

The Government is making it easier to obtain capital, collaborate with researchers and attract talent from overseas.

Improved insolvency laws, crowd-sourced funding laws and tax laws, will support innovative Australians and encourage investment.

Reforms to employee share schemes, and the tax concessions for early stage investors and venture capital will encourage investment in innovative startup firms.

The Government is amending section 46 of the Competition and Consumer Act 2010 to prevent the misuse of market power by dominant firms.

Improving the law’s clarity, effectiveness and force will improve choice for consumers, and support innovation by new businesses.

An industry-led Cyber Security Growth Centre will create opportunities for businesses to grow and strengthen Australia’s cyber security industry.

Financial technology (FinTech)

The Government’s FinTech Statement is our plan for a strong and vibrant FinTech industry in Australia.

The Government will encourage the exploration of Blockchain technology, including through a study and pilot testing by the CSIRO’s Data61.

We will also introduce changes to the GST to ensure that consumers are no longer double taxed when using digital currencies such as Bitcoin.

The Australian Securities and Investments Commission will also release a consultation paper in the coming weeks on a regulatory sandbox exemption to facilitate the testing of new FinTech products and services.

“We will continue our investment in our national innovation and science agenda - to create our own ideas boom, in every city, in every town, in every factory, farm, shop and office - including support for new start-up businesses.”

Treasurer Scott Morrison

Learn more about our plan with regular email updates