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

I thank the honourable senator, the very honourable senator, from Victoria for his question. Innovation and science have been very much at the heart of the agenda of this government, particularly under this Prime Minister, Mr Turnbull. Only yesterday, the Prime Minister chaired a meeting of the Commonwealth Science Council to discuss the government's progress in promoting science across Australia.

For us, the Innovation and Science Agenda is not a one-night stand; it is an ongoing relationship. We are in this for the long haul. The agenda was launched late last year, with 37 individual measures. Eighteen measures have been finalised or substantially completed. Another five will be finalised by the end of this month. This includes releasing our Global Innovation Strategy policy statement, rolling out our regional collaboration grants, launching the incubator support grants and getting on with a host of tax measures which will make it easier to invest in Australian start-ups. An additional nine measures will be finalised by the end of the year.

This government has set itself the ambitious target of implementing the whole of the agenda by the end of next year, and that is what we are doing. We are performing. The $1.1 billion agenda is a testament to our approach to ensuring that economic growth continues on its quarter-century trend. We have had 25 years of continuous economic growth. Growth does not just come out of thin air; you have to keep focusing on the sources of growth. We need to keep diversifying the economy. It is innovative entrepreneurs who create the opportunities for themselves and others. Between 2006 and 2011, Australian start-ups added 1.44 million full-time equivalent jobs to our economy. Start-ups are important, but innovation is about more than start-ups. Innovation occurs across the economy as a whole. It is about established businesses doing things better to stay competitive. It is happening on the factory floor, on our farms, at the supermarket checkout—(Time expired)