On Tuesday 13 May 2014, Treasurer Joe Hockey announced the 2014-15 Federal Budget.
It included the creation of an Entrepreneurs Infrastructure Programme worth $484.2 million, and funding for the OPAL research centre and CSIRO. National ICT Australia (NICTA) will continue to be funded for the next two years but not beyond that. The E-health records project continues to be funded with $140.6 million allocated to it for this financial year.
However, the Innovation Investment Fund and Commercialisation Australia have both been abolished. And as previously announced, Federal equity contributions to NBN Co will halt after June 2018.
We’ve rounded up a range of viewpoints and analysis on how the 2014 budget will affect innovation:
Media Release: Building a globally competitive economy
The Hon Ian Macfarlane MP, Minister for Industry
“Our new policy direction will kick start the productivity and competitiveness of businesses, and provide structural and strategic support enabling businesses to back themselves and carve their place in a changing global market.”
StartupAUS response to the budget
“Government must move quickly to fill gap left by abolition of Commercialisation Australia, Innovation Investment Funds, and take swift action on Employee Share Schemes”
Media Release: Statement regarding government funding
“We will continue to work with stakeholders to explore longer-term funding models that will secure NICTA as a unique world class ICT organisation.”
Three entrepreneurs on how the budget will hit their business
“We will see more tech companies establish an idea here and then move to the US” says Michael Fox, co-founder of Shoes of Prey.
Judgement day for Abbott on science and research funding
“The commitment to medical research must be matched in the rest of the science sector, or we will not be able to meet Australia’s big challenges.”
Tech leaders hit out at axing of start-up funds
“Australia’s technology success stories, many of which have gone global, have done so off their own investment strategies, hard work and technological creativity.”