The recommendations were presented to The Hon. Christopher Pyne, Minister for Industry, Innovation and Science last Friday 9th October at a special board meeting.
Policy action items recommended by StartupAUS include: Creating income and capital gains tax incentives for early stage startup investments, doubling R&D tax concessions and re-thinking the way the law deals with Directors of technology startups. The recommendations follow the latest release of StartupAUS’s which provides an action-oriented plan to help Australia capitalise on the enormous opportunities technology presents.
Peter Bradd, CEO of StartupAUS, said “Australia’s economy is at a critical juncture. With the right policy settings we can build an agile, innovative economy capable of taking advantages of the enormous opportunities technology is creating.
“The benefits to Australians will be far-reaching innovation can replace resources as the new engine room for economic growth in Australia, bringing with it vast new job opportunities and prosperity.”
According to a recent report by PwC, technology based start-ups are worth over $US109 billion and have the potential to create 540,000 jobs by 2033. A welcome prediction in light of estimates that 40 per cent of Australian jobs could be replaced by automation over the next decade.
“To realise these gains, we need to take a vision for innovation which is coordinated and strategic. A comprehensive national innovation agenda would help build towards that goal,” said Mr Bradd.
“But this change is coming fast. There are a small number top priority measures, which would have an immediate positive impact on our innovation economy. These policy changes would provide a boost to startups in two core areas: capital and talent.”