The Turnbull Government held the inaugural meeting of the Innovation and Science Committee of Cabinet on Tuesday, which is responsible for implementing the Government’s $1.1 billion National Innovation and Science Agenda (NISA).
This is the first time a dedicated Cabinet Committee has been established by the Australian Government to oversee innovation and science, highlighting the critical importance of these issues to our economic prosperity.
Along with Australia’s recent free trade agreements and signing of the Trans-Pacific Partnership, the Turnbull Government’s NISA is helping drive growth and prosperity, positioning Australia as a dynamic 21st century economy.
Establishing an Innovation and Science Committee of Cabinet delivers on an important commitment from the NISA and highlights the need to deliver important innovation and science reforms.
The Cabinet Committee discussed progress in implementing the NISA’s 24 measures, including the first two landing pads in Silicon Valley and Tel Aviv to support Australian entrepreneurs expand into overseas markets.
The Committee also discussed progress on delivering tax incentives for angel investors, making it easier for startups to attract early stage capital to grow their businesses. A new Entrepreneurs Visa, which helps companies attract talent from overseas, is up for discussion as well. Both initiatives are open for consultation.
The members of the Cabinet Committee, chaired by the Prime Minister, are Deputy Prime Minister Barnaby Joyce, Foreign Minister Julie Bishop, Treasurer Scott Morrison, Minister for Industry, Innovation and Science Christopher Pyne (deputy chair), Health Minister Sussan Ley, Education Minister Simon Birmingham, Trade Minister Steven Ciobo, Cabinet Secretary Arthur Sinodinos, Assistant Cabinet Secretary Dr Peter Hendy MP, Assistant Minister for Science Karen Andrews and Assistant Minister for Innovation Wyatt Roy.