The Western Australian government has set aside $20 million for an innovation package in its state budget, delivered by Treasurer Mike Nahan yesterday.
Today the Senate has passed a new tax incentives for early stage investors and a scheme to improve access to capital for VCs. These two initiatives are designed to make investment for Australian startups more attractive and were measures first announced in December last year as part of the Government’s National Innovation and Science Agenda (NISA).
The PaTH scheme announced in 2016 Budget a major win for not just youth, but presents an opportunity for the startup ecosystem
In the 2016 budget the Government introduced the new Youth Jobs PaTH Programme (which stands for Prepare, Trial, Hire) and states that the Government will invest $752 million into helping young job seekers move off welfare and into employment.
As far as the startup landscape goes, the fintech sector has emerged as the real winner of Treasurer Scott Morrison’s 2016 Budget. A key focus has been made on supporting innovative ideas to ensure Australia is a leading destination for fintech companies and global disruptors.
2016 Budget sees Government focus on jobs and growth, but rehash previously announced initiatives for startups
Five months after Malcolm Turnbull urged Australia to shift the economy’s focus from the resources sector to innovation with the launch of the National Innovation and Science Agenda (NISA), Treasurer Scott Morrison delivered a budget focused on jobs and growth.
Bill Shorten’s ‘ode to startups’ budget reply highlights a critical issue in the ecosystem that needs addressing
While there are many issues that concern Australian startups that were addressed in Opposition Leader, Bill Shorten’s budget reply, perhaps the most important was his call for increased investment in STEM (Science and Technology, Engineering and Mathematics) education, including software development.
Due to the failure of last year’s budget, and strong expressions of public disapproval, the Australian government has smartly chosen to revise its plans. Treasurer Joe Hockey took to the podium yesterday to deliver the details of the new budget, which focuses on small businesses, a welcome change.
There are always winners and losers when it comes to the federal budget; and just like every other publication in the space has explained, some key programs for the Australian technology and innovation sector have been cut, which has affected at least a small portion of the Australian startup community.
In order to help achieve savings sufficient to deliver a surplus of 1 percent of GDP (Gross Domestic Product) by 2023, the Commission of Audit recommends that the government abolishes Innovation Investment Fund, Commercialisation Australia, and other grants that support startups.
In order to bring revenue, every startup needs to have a solid financial backup provided by investors. Before planning your budget and handing it down to people that might be interested in financing your idea, it’s worth taking a moment to rethink your strategy to ensure your prospective funds are used as efficiently as possible.
Let’s face it, when we are just starting our New Business journey and it requires us to travel, be it interstate or overseas, we can’t afford to exactly be indulgent and spend our own or investors money on business class seats or 5 star upgrades. We need to be sensible about our decisions and spend as little as possible. That is why services such as Scoot Air are a very welcome addition to the travel industry for our community.