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Budget supports innovation

The Rudd Government’s Budget has delivered significant changes in innovation policy aimed at ending the brain-drain, providing more support to small businesses and innovative companies, says Senator Kim Carr.

Innovation is a key driver of productivity and economic growth, particularly for advanced economies such as Australia. It drives the creation of new businesses and sectors and revitalises existing industries.

Mr. Carr believes the initiatives announced in the Budget align with the Government’s commitment to fiscal responsibility and the introduction of a sound policy framework, while incorporating measures that will improve long-term economic outcomes for industry, the research sector and the wider community.

Budget initiatives for the Innovation, Industry, Science and Research portfolio include:

$209 million over four years to double the number of Australian Postgraduate Awards.

A $326.2 million investment over four years in Future Fellowships, to attract and retain the best and brightest mid-career researchers.

$240 million over four years for new Clean Business Australia initiatives.

$42 million over four years to provide funding to over 30 Business Enterprise Centres providing business advisory services to small businesses.

Introduction of a Small Business Advisory Committee to help monitor regulation.

$500 million over five years commencing in 2011-12 for the Green Car Innovation Fund.

A range of savings measures aimed at contributing to the Australian Government’s savings plan and fight against inflation.

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