Linda Reynolds (WA, Liberal Party) Share this | Link to this | Hansard source

My question is to the Cabinet Secretary, Senator Sinodinos, representing the Minister for Industry, Innovation and Science. Can the Cabinet Secretary update the Senate on Landing Pad, the Australian government's initiative recently launched by the Minister for Industry, Innovation and Science?

Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Link to this | Hansard source

I thank Senator Reynolds for her question and her ongoing passion and commitment to innovation, particularly in her home state of Western Australia. I can inform the Senate that, yes, the Minister for Industry, Innovation and Science recently launched the Landing Pad initiative. It is part of our National Innovation and Science Agenda to drive a new boom to generate jobs and prosperity for all, as mentioned by our leader in this place earlier on.

The agenda commenced with $1.1 billion of funding initiatives to support Australian start-ups and innovators.

Opposition Senators:

Opposition senators interjecting—

Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Link to this | Hansard source

You like more money. There is more money here—$1.1 billion. What are you complaining about? But that was a down payment on what this government wants to achieve with the ideas boom. We need to focus on innovation, turning ideas into successful products, processes and services.

The next step, recently launched, is the Landing Pad. Along with the Minister for Trade and Investment, the Assistant Minister for Innovation and the Special Envoy for Trade, the minister unveiled Landing Pad at RocketSpace, a technology campus in San Francisco. The Landing Pad is designed to help Australian entrepreneurs bring their ideas to market and build high-growth and high-return enterprises. Silicon Valley, in San Francisco, is the epicentre of global innovation and, with the Landing Pad, the Australian government is helping ensure Australian innovators have a place at the centre of the action. By positioning Landing Pad with RocketSpace, the Australian government is partnering with a proven performer.

Linda Reynolds (WA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Will the Cabinet Secretary explain other similar initiatives the Australian government is supporting around the world?

Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Link to this | Hansard source

San Francisco is not the only place that Australia wants our innovators working on world-leading ideas. Israel has proven itself to be a leader in innovation. That is why Australia will also have a Landing Pad in Tel Aviv. Further, the Australian government has allocated $11.2 million in the budget for Austrade to launch three further Landing Pads around the world. The location of these additional Landing Pads will be decided and announced in due course. My colleague, the Treasurer, recently announced in Shanghai that that was being considered for a Landing Pad, and we are looking at other locations in Asia and in Europe.

So the ideas boom will not be limited to Australia. Global collaboration in innovation will be crucial to our success in this space. Ensuring our innovators are connected and competitive in the world will be key to our success.

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

Joe Hockey got a landing pad, didn't he?

Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Link to this | Hansard source

Yes, Mr Hockey, as ambassador in Washington, is already making his mark in the innovation space, advocating for Australian companies in the United States. (Time expired)

Linda Reynolds (WA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Can the Cabinet Secretary also outline for the Senate other ways in which the government is supporting Australian inventors?

Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Link to this | Hansard source

Landing pads are just one component of our investment in innovation—as I said before, $1.1 billion with four pillars. There are four pillars to the innovation agenda. Culture and capital: we will change Australia's innovation culture by encouraging people to learn from mistakes and experiment to find solutions. Australia will invest more in high-risk early stage firms. Rather than increasing capital gains taxes, we are reducing them for early stage investors and angel investors. We are making it easier to invest in the future. Collaboration: we will increase the level of collaboration between industry and research because it drives world-first innovation. Talent and skills: we will continue to develop and attract world-class talent and equip our workforce for the jobs of the future. Government will be an exemplar. The government will lead by example through digital transformation, investment in digital infrastructure and the encouragement of more innovative public procurement. Active government—

Opposition Senators:

Opposition senators interjecting—

Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Link to this | Hansard source

You should support that— (Time expired)