Australia announces $350m policy

Australia’s federal government has announced a A$400m ($350m) policy, called Industry Innovation and Competitiveness Agenda which is set to boost research in the country.

The fund specifically targets five industries, and non-profit research centres will be set up to manage these They will invest in food and agriculture, mining, medical technologies and pharmaceuticals, and advanced manufacturing sectors. The centres will be operated by consortia led by industry experts with an initial funding of A$188.5m – they are expected to be self-sustaining within four years.

The policy also targets commercialisation efforts with a cost of A$200m to the government. Specifically, employee share schemes will be taxed differently to incentivise more startups and spin-outs.

A further A$12m will be invested in science, technology, engineering and maths classes in schools, with an additional $500,000 seed fund created to support student startups.

The policy does not introduce a science minister, a duty which will be fulfilled by industry minister Ian Macfarlane. The Science, Engineering and Innovation Council, which has not convened once since prime minister Abbott came to power, will be replaced by the Commonwealth Science Council. The new council will meet twice a year, with Abbott chairing at least one meeting.

Tony Abbott, prime minister of Australia, said: “I see it as playing to our strengths. We know that all too often, when governments have tried to pick winners, they have done the very opposite. But we do know for a fact that these are very successful sectors and we want to build on that strength.”