Australian government allocates $1.1 billion budget for innovation and science agenda

National innovation and science agenda got a $1.1 billion allocation from the federal budget for 2016-2017 which the Australian government announced on Wednesday. In allocating that amount, Canberra aims to place Australia on the right track to be a leading global innovator.

The federal budget for science targets to support a culture of ideas and innovation to encourage commercialisation and investment. The allocation hopes to make it easier for Australia to obtain capital, collaborate with scientists and attract overseas talent, reports Gizmodo.

To do that, the government must improve the country’s insolvency regulations, crowd-sourced funding laws and tax laws to support Australians who are innovative and encourage investors to come in. These could be done through reforms in employee shares schemes, tax concessions for early stage investors and venture capital which would encourage investments in innovative startups.

The government has also allocated $171 million for the Great Barrier Reef, reports The Sydney Morning Herald. The bulk of the funds, to be used to ensure water quality, would come from the National Landcare programme.

It comes at a time that there is growing alarm, at the international level, over the coral bleaching epidemic that hit the Great Barrier Reef. But recreational and commercial fishers, tourism operators and conservationists are fiercely debating how to use the country’s most sensitive marine areas. The funding is expected to help commercial fishers adjust to the new arrangements.

The budget likewise confirms that the Climate Change Authority, an independent body established by the Labor government, would not be funded to operate after 2017. It also failed to provide details on the future of the $2.55-billion Emissions Reduction Fund beyond 2029.