A NEW PLAN TO FOSTER INNOVATION
WHAT THE GOVERNMENT WANTS TO ACHIEVE
* A lower cost, business friendly environment with less regulation, lower taxes and more competitive markets
* A more skilled labour force
* Better economic infrastructure
* Industry policy that fosters innovation and entrepreneurship
HOW IT WILL DO THIS
* Change tax treatment of employee share schemes to encourage start-ups
* Streamline 457 visas for skilled migrants
* $188.5 million for Industry Growth Centres in five key areas to link business and researchers
* $200 million a year to boost apprenticeship completion rates
* $38 million for 7500 apprenticeships in regional areas
* Extra support for community programs to re-engage 15-18-year-olds in regional areas
* Promote science, technology, engineering and mathematics skills in schools
* Accept international standards and risk assessments for some products rather than imposing extra Australian regulation
GROWTH CENTRES WILL ENCOURAGE RESEARCH IN
* food and agribusiness
* mining equipment, technology and services
* oil, gas and energy resources
* medical technologies and pharmaceuticals
* advanced manufacturing sectors
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