If the Liberal Government was serious about innovation, it would back Labor’s $500 million Smart Investment Fund to support great Australian ideas and help them compete on the world stage.
Labor’s Smart Investment Fund will partner with venture capital funds and licensed fund managers to co-invest in early stage companies, providing a Commonwealth investment of up to 50 per cent of the startup capital needed to help Australian companies commercialise innovations.
But rather than support costed policies to foster innovation, the Liberals are floating ideas and using this as cover for their $3 billion in cuts to science, research and innovation.
Christopher Pyne and Malcolm Turnbull talk big on new ideas but their actions speak louder than words on innovation.
Pyne and Turnbull both signed off on $1.1 billion worth of cuts to the Research and Development (R&D) Tax Incentive.
Both Pyne and Turnbull and are still pursuing a further cut of $620 million to the R&D tax incentive in legislation that's before the Senate for the second time.
Both Pyne and Turnbull sat around the Cabinet table and ticked off on cuts of $3 billion from science, research and innovation over the last two budgets and have done nothing to repair the damage.
Unlike the Liberals who just talk, Labor has already released costed policies to boost innovation and jobs in Australia.
Labor believes government has a role to play – not replacing private investment, or crowding it out, but by fostering a culture of innovation, rewarding people for good ideas, supporting young people to kick-off their own startups and getting behind Australian creativity and enterprise.
That’s why our Smart Investment Fund is a critical part of Labor’s plan to take advantage of the transition to the digital economy to secure today’s jobs, tomorrow’s jobs and ensure that no one is left behind.
Only Labor is genuinely committed to investing in innovation, science and research to build the high wage, high skill jobs of the future.