It is predicted that this comprehensive agenda will drive prosperity and competitiveness throughout the country, resulting in the growth of jobs and investment. It also paves the way for Australia to more aggressively compete in the international market.

The agenda aims to fill some of the gap left by limited funding in the Australian economy, allowing for innovative businesses and research organisations to commercialise their research and development. This is an exciting opportunity for the science industry, and recognition by the government of the strength of the talent within Australia.

“It’s great to see the innovation statement pushing for growth across so many areas in R&D investment particularly at the start up phase and business levels. The big picture idea of “free to fail” encouraging Australian companies to take risks in their R&D is exciting and can only be a good thing for the innovation investment mindset," says Kate Mahady, Director of FB Rice R&D Tax Consulting.

Full details on the Innovation Agenda can be found here.