Govt plan for encouraging innovation

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