The Federal Government has outlined a $1 billion plan it claims will secure economic growth for the future by boosting innovation, productivity and competitiveness.

The Industry and Innovation Statement, A Plan for Australian Jobs contains a number of initiatives which the Government clams will support economic growth in all levels.

The plan is divided into three core strategies:

Shoring up Australian industry growth

  • A new Australian Industry Participation Authority to help businesses build the capabilities and connections to win work on major projects.
  • Legislating Australian Industry Participation (AIP) arrangements, requiring major projects worth $500 million or more to implement AIP Plans to give local industry opportunities to win work on a commercial basis.
  • Requiring projects worth $2 billion or more that apply for concessions under the Enhanced Project By-Law Scheme to embed Australian Industry Opportunity officers within their global supply offices.
  • Reforms to the anti-dumping system to provide stronger protection for Australian industry against unfair competition from overseas. 

Supporting Australian industry to win new business abroad

  • The Government will invest more than $500 million in establishing up to 10 Industry Innovation Precincts to drive business innovation and growth in areas of Australian competitive advantage.
  • Precincts will bring firms, research institutions, technology experts and business service providers together to achieve the innovations, connections and scale our businesses need to succeed in the future.
  • A new Industry Innovation Network will allow businesses around Australia, including in regional areas, to take part in Precinct activities, gaining access to knowledge, support, services and partnerships regardless of their location.
  • The first two Precincts will be a Manufacturing Precinct with locations in South East Melbourne and Adelaide and a Food Precinct headquartered in Melbourne.

Helping Australian small and medium businesses to grow and create new jobs

  • A new $350 million round of the Innovation Investment Fund to stimulate private investment in innovative Australian start-up companies.
  • Changes to venture capital tax arrangements to improve clarity and certainty for investors and encourage participation by “angel” syndicates.
  • A new Growth Opportunities and Leadership Development (GOLD) initiative to provide focused support for SMEs with high‑growth potential.
  • Extending the successful Enterprise Connect program for SMEs to more manufacturing firms and to new sectors like professional services, information and communication technologies, and transport and logistics, improving the productivity of businesses in key enabling sectors for the broader economy.
  • A new Enterprise Solutions Program to help SMEs develop solutions to public sector needs and become better equipped to win work through public tenders.