Entrepreneurs will be lured to Australia by a new visa as part of the Turnbull government's plan to encourage innovative talent.
The entrepreneur visa, to be introduced in November 2016, is part of the National Innovation and Science Agenda unveiled on Monday.
It will be available to people with innovative ideas and financial backing from a third party.
In a bid to retain talent, the government will make it easier for foreign postgraduate students - with specialised doctorate-level and masters research qualifications in science, technology, maths or specified ICT subjects - to be given permanent residency.
"These changes remove impediments in the visa system to facilitate entry and retention of highly talented people," Immigration Minister Peter Dutton said in a statement.
