The Coalition’s Policy to Support Innovative New Businesses and Jobs

KEY COMMITMENTS

Innovation is an important part of the Coalition’s economic plan for jobs and growth.

Businesses that invest in innovation are more competitive and more likely to grow and employ than their competitors.

Startups are among the most innovative businesses and are an important source of job creation and growth.

The Coalition has a strong record supporting innovation and startup businesses, investing around $10 billion a year on innovation, science and research.

We are also delivering a $1.1 billion National Innovation and Science Agenda to boost innovation in Australia.

As part of the National Innovation and Science Agenda, the Coalition has delivered tax incentives for investors in innovative startup businesses. These tax incentives make it easier for startup businesses to raise the funding they need to hire new employees and grow their business into new markets.

We have delivered tax incentives to attract more venture capital investment in Australia, helping to increase the funding available to startup businesses.

In addition, we are establishing international landing pads to assist Australian startups expand into key global markets.

The Coalition will continue to support Australia’s startup businesses by investing $23 million to:

  • increase the number of startup incubators and accelerators in Australia
  • support the expansion of existing high-performing incubators and accelerators
  • attract ‘experts in residence’ to provide specialist advice to startup businesses
  • Startup incubators and accelerators are a critical part of Australia’s innovation system.

They provide startup businesses with access to new business networks, funding and expertise.

Expanding Australia’s network of incubators and accelerators will help more startup businesses access new sources of funding and specialist advice, helping to boost innovation in Australia.

Our commitment will boost investment, encourage new business, and create more jobs.

OUR PLAN TO SUPPORT INNOVATIVE NEW BUSINESSES AND JOBS

The Coalition will continue to invest in Australia’s high-growth startup businesses by expanding the Incubator Support programme.

Incubators and accelerators help innovative startups by providing the mentorship, resources, funding, and the knowledge necessary to rapidly transform their ideas into globally competitive businesses.

As part of the Coalition’s $1.1 billion National Innovation and Science Agenda, we invested $8 million in a new Incubator Support programme, which boosts the capacity of existing incubators and accelerators and encourages the creation of new ones.

The Incubator Support programme supports the creation and development of new startup businesses, which in turn promotes investment, skill development and jobs.

We will provide an additional $15 million to expand the Incubator Support programme to ensure more innovative businesses, particularly in regional and rural areas, are able to access the resources and networks needed to grow.

The $23 million Incubator Support programme will enable new and existing incubators and accelerators to access up to $500,000 in matched funding to improve the commercial prospects of startup businesses and develop Australia’s innovation system.

The programme will help more innovative startups grow to become international enterprises.

The Incubator Support programme will also provide up to $25,000 in matched funding for ‘experts in residence’: leading innovation talent from Australia and overseas who will provide expert advice to startups to help them grow and employ. Our funding will help build linkages between Australian and international innovation systems and enable access to specialist advice that would otherwise be out of reach.

Existing incubators and accelerators, many of which are located in capital cities, are unable to meet the current level of demand and startups in regional areas often lack the support network available in metropolitan centres.

Regional and rural areas will be an important target under our expanded Incubator Support programme.

More high performing incubators and accelerators means more startups will be able to access their economic potential sooner, accelerating Australia’s economic transition and supporting the jobs of the future.

Our commitment will boost investment, encourage new business, and create more jobs.

THE CHOICE

The Coalition has a strong record investing in innovation and supporting startup businesses.

We invest around $10 billion a year on innovation, science, and research.

Our $1.1 billion National Innovation and Science Agenda is helping to grow Australia’s startup sector by making it easier for startup businesses to access funding.

And we’re investing $1.6 billion in our Defence Industry Plan that will secure an advanced defence manufacturing industry in Australia and create thousands of new hi-tech jobs.

We are investing a record $3.3 billion in the CSIRO over the next four years and, as part of our National Innovation and Science Agenda, we’re establishing an Innovation Fund to ensure that more of the CSIRO’s cutting-edge research can make its way out of the lab and into hospitals, workplaces and homes in Australia and beyond.

Only the Coalition has a plan to prepare our children for the jobs of the 21st century by investing $112 million to equip them with skills in science, technology, engineering and maths (STEM).

The National Innovation and Science Agenda is already delivering for Australia’s innovative businesses.

The Coalition has:

  • delivered tax incentives for investors in new innovative startups, providing a 20 per cent tax offset on investments up to $1 million
  • reformed Venture Capital Limited Partnerships to make them more internationally competitive and attract more local investment
  • committed to five international landing pads in Tel Aviv, Shanghai, Singapore, San Francisco, and Berlin to help Australian entrepreneurs access overseas markets
  • We are also delivering a tax cut for Australia’s small businesses.

On 1 July 2016, the tax rate will fall to 27.5 per cent for companies with annual turnover less than $10 million. Our commitment will mean greater cash flow for small businesses, giving them more capacity to invest, grow their business, employ more, and promote their products or services into new markets.

Labor’s policies threaten the successful transition to a modern 21st century economy.

COSTS

The Coalition will invest an additional $15 million to enable Australia’s innovative businesses to reach their economic potential sooner.

DOWNLOAD THE POLICY HERE

The Coalition’s Policy to Support Innovative New Bsinesses and Jobs

Innovation is an important part of the Coalition’s economic plan for jobs and growth. The Coalition has a strong record supporting innovation and startup businesses, investing around $10 billion a year on innovation, science and research.