Australia to spend A$1bn on 'ideas boom'

Prime Minister Malcolm Turnbull unveiled 24 measures on Monday aimed at creating economic growth.

Many of the measures are focused on supporting entrepreneurial businesses.

Early stage investors will get tax breaks and a A$200m fund will co-invest in businesses that develop technology from Australian research.

Immigration rules will also be changed to encourage entrepreneurs to relocate to Australia, and bankruptcy laws will be softened to encourage enterprises to take risks.

A further A$36m is being provided to support Australian entrepreneurs to establish a presence in Silicon Valley, Tel Aviv and other technology hubs.

"Our future growth will depend on a different type of boom - an ideas boom," Mr Turnbull said.

"Collaboration between industry and researchers is the lowest in the OECD and the number of SMEs [small and medium-sized enterprises] bringing new ideas to market is also low by international standards."

The initiative, dubbed the National Innovation and Science Agenda, also provides A$99m to promote digital literacy and science, engineering and mathematics skills.

Children will be taught basic computer coding in primary and high school.

National Innovation and Science Agenda: major initiatives

A$200m early-stage innovation fund to co-invest in companies creating new services and products based off Australian research.

Reduction of default bankruptcy period from three years to one year.

Establishment of five "landing pads" in Silicon Valley, Tel Aviv and other locations to support global expansion of Australian businesses.

A$26m to support development of quantum computing.

A$13m to expand opportunities for women in science, technology and engineering jobs.

A$99m to support science and technology education.

(BBC)