Australia is moving to implement a dramatic overhaul of its approach to science and innovation with a new agenda backed by AUD $1.1 billion in new spending. The National Innovation and Science Agenda was announced December 7 by prime minister Malcolm Turnbull as his first major policy initiative less than three months after taking office.

The short (16-page) agenda is built on four pillars: culture and capital, collaboration, talent and skills and government as an enabler, with a commitment to place innovation and science at the core of the policy agenda. All new initiatives are fully costed.

To stimulate an entrepreneurial culture and address insufficient access to early stage capital, the agenda commits to new tax breaks for early-stage investors and introduce a 10% non-refundable tax offset for capital invested in early-stage venture capital limited partnerships. The Commonwealth Scientific and Industrial Research Organisation (CSIRO) will receive $200 million to establish an innovation fund to co-invest in new spin-off companies. The government will also create a $25-million co-investment Biomedical Translation Fund.

As well, the government will take steps to improve industry-researcher collaboration which is currently the lowest in the OECD. New initiatives include long-term funding certainty for national research infrastructure, focusing more research block grant funding towards collaboration, a cyber security growth centre and $26 million to build a silicon quantum circuit.

New skills and talent initiatives include measures to enhance learning of digital technology creation, more opportunities for women in science, technology, engineering, and mathematics disciplines, a new entrepreneurial visa and $48 million to support STEM learning from an early age.

For its part, the government has pledged encourage innovation through procurement with a pilot Business Research and Innovation Initiative and the creation of Innovation and Science Australia. This independent statutory board will report through the Industry minister to a new Innovation and Science Committee of Cabinet chaired by the prime minister. Its first task will be to review R&D tax incentives. The agenda can be viewed at www.innovation.gov.au.

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