The Department of Industry, Innovation, Science, Research and Tertiary Education has announced a $1 billion investment in boosting future Australian innovation, productivity and competitiveness. The strategy, A Plan for Australian Jobs will assist local firms to win more work at home, promote industry to win new business abroad and help our small businesses grow and create new jobs.
The key activities in supporting these core strategies include the requirement of Australian projects over $500 million to provide opportunities for local businesses, $500 million dedicated to establishing 10 Industry Innovation Precincts and a $350 million round of the Innovation Investment Fund to stimulate private investment in innovative Australian start-up companies.
The plan aims to provide equal opportunities for local firms with to work on major resources and infrastructure projects, improving their ability to gain the experience and networks needed to successfully become part of global supply chains. The establishment of 10 Industry Innovation Precincts will allow firms to collaborate and build scale with researchers to drive business innovation and growth in areas of Australia’s competitive advantage. An additional round of the Innovation Investment Fund, the initiation of a development program and the reform of the venture capital tax arrangements will further expand business assistance and better access to finance for small and medium-sized businesses and start-up companies.
In current changing and uncertain economic conditions, A Plan for Australian Jobs will assist local businesses seize opportunities and promote growth through collaboration, productivity, innovation and competitiveness.