Chris Bowen (Prospect, Australian Labor Party) Share this | Hansard source

I would like to begin my remarks by focusing on the important area of innovation and asking the parliamentary secretary for some responses—firstly, on the government’s changes to the Investment Innovation Fund program which were announced in the budget last month. Is the parliamentary secretary aware of criticism of the innovation fund program, including that the funds cannot be more than $100 million, that investment will not be allowed in companies with more than $50 million and that the Early Stage Venture Capital Limited Partnerships must divest holdings once the assets of the investee company exceed $250 million? It is quite clear to me that this is a significant disincentive to invest in this important area. I wonder if the parliamentary secretary could respond to the criticisms of these changes.

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