Assistant Innovation Minister Wyatt Roy said the policy package would be "a complete game changer for our country" and suggested there will be specific measures to promote industries in which Australia has a natural advantage, such as medicine, agriculture and financial services.
"This will be the first, very big shot out of the starter's gun when it comes to driving innovation," he said at an Australia-Israel Chamber of Commerce lunch in Sydney.
He foreshadowed changes to federal bankruptcy laws to encourage more risk taking and to remove the stigma of business failure.
"I think this is a really critical area," he said. "We want to make it easier for people to start again … I think we can probably look at bankruptcy and insolvency laws to help change our culture around risk."
Given technology advancements across global industries, Mr Roy said Australia should play to its strengths, including medical technology, biotechnology, software development, defence, agri-tech and financial technology. Growing the talent pool was also a piece of the policy puzzle; visas rules could be reformed to make it easier for companies to hire entrepreneurial staff, he said.
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