Federal Government’s National Innovation and Science Agenda

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Turnbull turns up the dial on innovation for Australia - Deloitte

7 December 2015: Jason Bender, Deloitte Innovation leader welcomed the Prime Minister’s Innovation statement particularly noting the $9.7bn government investment into research & development across CSIRO, government agencies, the business and higher education sectors.

Mr Bender said: “From a culture perspective we wholeheartedly support the Prime Minister’s statement around his government’s greater preparedness to take risks over the medium term.

“At Deloitte we have built a culture around innovation and idea sharing. Through collaboration and a culture of thinking big like a designer, starting small and continuously iterating through our technical expertise and customer mindfulness, we have built new businesses that lift the value we deliver to business, the community and the nation,” said Bender.

“We are pleased to see this new approach and welcome the Government’s $1.5 billion investment into a National Collaborative Research infrastructure strategy in particular.

“Through our recent research with the World Economic Forum on where innovation is occurring in Financial Services for instance, and our annual support of the fastest growing technology companies in Australia, we are very mindful of where disruption is happening, and the issues around insufficient access to early stage capital for many startups.”

Helen Fisher, Lead Tax Partner for Life Sciences and Health Care, Deloitte commented: “The investor incentive, which is based on the successful UK’s Seed Enterprise Investment Scheme for small start-ups, while less generous, has the potential to create an immediate flow of capital to the industries that drive innovation. It will help kick start this vital part of the Australian economy, although most measures will only be introduced after 2017.”

Bender added: “The Government’s intention to both deliver tax cuts through the $5 billion Small Business and Jobs Package and intention to reform employee share schemes to encourage startups to attract world leading staff will be well received.”

James Nunn Price, the Deloitte Asia Pac Cyber security leader said that when launching the Deloitte Cyber Intelligence Centre in Australia two weeks ago, one of the biggest issues was accessing qualified talent. “The Innovation Statement indicating the Government’s preparedness to invest in teaching computer coding across different year levels in schools, reforming the Australian Curriculum to give teachers more class time to teach science, maths and english, and requiring that new primary school teachers graduate with a subject specialisation, with priority for science, technology, engineering and maths (STEM) will be very valuable.”

Ms Fisher concluded: “The Innovation Statement seeks to provide a rounded approach that includes most players in the innovation ecosystem, including universities, start-ups, investors, and skills and talent. Having a complete suite of measures will provide a strong platform from which Australian companies can compete in the global market.”

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