2016 election Liberal Party policy on the importance of innovation in relation to jobs and growth. Innovation is an important part of the Coalition’s economic plan for jobs and growth. Businesses that invest in innovation are more competitive and more likely to grow and employ than their competitors. Startups are among the most innovative businesses and are an important source of job creation and growth.

The Coalition has a strong record supporting innovation and startup businesses, investing around $10 billion a year on innovation, science and research. We are also delivering a $1.1 billion National Innovation and Science Agenda to boost innovation in Australia.

As part of the National Innovation and Science Agenda, the Coalition has delivered tax incentives for investors in innovative startup businesses. These tax incentives make it easier for startup businesses to raise the funding they need to hire new employees and grow their business into new markets.

We have delivered tax incentives to attract more venture capital investment in Australia, helping to increase the funding available to startup businesses.