Since Budget Reply 2015, Labor has announced a comprehensive suite of measures to spur innovation, and deliver the jobs of the future -

Measures to boost science, technology, engineering and mathematics (STEM) skills including learning to code in schools, increase access to venture capital to commercialise great Australian ideas and support local startups.

Today we announce the third wave of measures a Shorten Labor Government will deliver to drive innovation throughout the nation and ensure our economy and all Australians benefit.

1. Accelerate innovation in our regions through Regional Innovation Hubs;
2. Improve Startup Capital through a suite of tax incentives;
3. Reform innovation architecture through Innovate Australia; and
4. Back our best and brightest overseas through a Landing Pad for Australian innovators.

These measures build on Labor’s higher education policy, our commitment to TAFE and a properly funded school system.

Without these building blocks of human capital, any innovation measures will have less impact.

The Liberal Government’s record in innovation has been consistent since the 2013 election –

They have slashed support for innovation, degraded science and research, and made deep cuts into programs that had been working successfully with Australian businesses to create more jobs.

Since the 2013 election, the Abbott-Turnbull Government has:

• Abolished the Innovation Investment Fund: $350 million funding round abandoned
• Abolished Commercialisation Australia: $260 million cut
• Defunded the NICTA (National ICT Australia Ltd) from 2016: $84 million cut
• Cut $115 million from the CSIRO
• Cut $75 million from the Australian Research Council (ARC)
• Cut $28 million from the Australian Nuclear Science and Technology Organisation
• Cut $107 million from the Cooperative Research Centres (CRC)
• Cut $175 million from the Research Training Scheme (RTS)
• Cut $16 million from Geoscience Australia
• Cut $20 million from the Bureau of Meteorology
• Cut $120 million from Defence Science and Technology
• Cut $300 million from Sustainable Research Excellence
• Cut $1billion from the R&D Tax Incentive with further cuts proposed
• Abolished the Enterprise Solutions Program: $25 million cut
• Abolished Industry Innovation Precincts: $280 million cut
• Cut $27 million from Australian Industry Participation Plans
• Cut $25 million from the TCF co-investment programs
• Abolished Enterprise Connect
• Plans to abolish ARENA and the Clean Energy Finance Corporation

Powering innovation is the key to Australia’s future prosperity.

Most of the jobs of the future will be with companies that do not exist today or in industries that have changed dramatically to keep pace with rapid advances in technology.

Labor’s positive plan will advance Australia beyond the mining boom by building an education and innovation economy for all Australians.

To read more about Labor’s plan to power innovation visit www.futuresmartaustralia.org/poweringinnovation

FRIDAY, 4 DECEMBER 2015

MEDIA CONTACT: LEADER’S OFFICE MEDIA UNIT 02 6277 4053