According to The Australian Financial Review today, the Australian Turnbull government's innovation statement was released on Monday. Here's what's on offer:
1. Stable science investment:
By far the largest funding is reserved to provide stable funding for science infrastructure, previously funded year to year. Now, it will receive $459 million in total over four years, with most funding kicking in from 2017.
Investors will be able to get a 20 per cent tax offset, rather than a deduction and a capital gains tax exemption. This will cost $106 million over four years, with most funding kicking in after 2017. For example if someone invests $200,000 and claims the offset they will reduce their income tax by $40,000.
For established start-ups this will bring forward the point at which they get their tax break, offering a 10 per cent tax rebate for venture capital investments to expand existing start-ups.
Laws will be changed to reduce the default bankruptcy period from three years to one year.
5. University funding incentives:
The government will allocate $127 million over four years of research block grant funding towards collaboration between industry and universities. This includes new arrangements to measure the "non-academic impact and industry engagement" of universities, with the first national assessment due in 2018.
There will be a new entrepreneurs visa created to bring in international talent, and post-grad students with STEM or ICT talent will be fast-tracked for permanent residency to begin by November 2016.
7. Offshore 'landing pads':
The government will allow Australian entrepreneurs to more easily travel to Silicon Valley, Tel Aviv and three other unknown locations, likely in Europe and Asia.
8. Cyber security:
A new "Cyber Security Growth Centre" will be established at a cost of $22 million over four years, to be set up by mid-2016.
9. Government body:
The government will create a new board in the Industry Department called Innovation and Science Australia, as well as a new innovation and science committee of cabinet.
10. Summer schools:
There will be more funding for coding programs for year 5s and year 7s and ICT summer schools for year 9s and 10s. This will take $84 million of the funds over four years and start next year.
The government will hand back $200 million to the CSIRO, placed into an innovation fund aimed at co-investing in new companies and existing start-ups developed by the CSIRO itself, publicly funded research agencies or universities.
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