With a history of ingenuity and world class research Australia is in pole position to maintain the growth of its economy by creating a culture of great innovative ideas. Prime Minister Malcolm Turnbull announced this week that the Australian Government will boost innovation and encourage new business start-ups, by pledging an incentive package to attract new talent and skills. The plan's incentives include the reduction of capital gains tax for start-ups, tax rebates for investors and a new entrepreneur visa to attract first class talent from around the globe.
Australia is in its 25th year of economic growth and currently faces a shift in investment from mining to business and innovative ideas due to the mining industry winding down. The investment in new talent and ideas could just be what the economy needs to fill the void left by mining and stay ahead of global competitors. "The ideas boom is the next boom for Australia." said Turnbull.
Get your thinking caps on!
The Australian Government spends about $50 billion on procurement annually but ranks just 70th out of 140 countries on how well its procurement fosters innovation. To address this problem and transform Government procurement a $19 million Business Research and Innovation Initiative Plan has been formulated. The Government will work with Innovation and Science Australia to nominate five national policy and service delivery challenges. Businesses will be invited to submit proposals to address the challenges and winners will receive grants of up to $100,000. Successful proposals may also be eligible for a further development grant of up to $1 million.
The Government will provide long term funding for cutting edge national research infrastructure to ensure research jobs stay in Australia and one area of current interest is developing a foot hold in the Cyber Security market by building an industry-led Cyber Security Growth Centre. Other projects to receive funding over the next ten years include the Australian Synchrotron which will receive $520 million for new innovation research and problem solving and the Square Kilometre Array (SKA) project which aims to build the world's largest radio telescope.
The advance in modern innovation is critical to Australia's economy and new sources of growth are needed to maintain its high standard of living and high wages. Australia can ensure prosperity in the future by creating a culture that embraces ideas without being afraid to take risks.
How to attract investment and young entrepreneurs?
It is vital for your business to consider hiring graduate employees. While they might not have the experience, they might have the innovation, passion and drive needed to attract investors and secure the next generation of your business.
Looking to hire the most talented?
Design & Construct are recruitment leaders and we understand that businesses will, at some point, need specialist talent or graduate workers who are educated in specific sectors. This is why we have team members who are dedicated solely to graduate and specialist recruitment.