Address to the AFR National Innovation Summit

Thursday, August 18, 2016

The Minister for Industry, Innovation and Science, the Hon. Greg Hunt, has used his first major address on innovation to outline how innovation and the National Innovation and Science Agenda (the Agenda) will address the economic challenges Australia faces.

Armed with numerous examples of innovative Australian companies, the Minister broadly defined innovation as “turning ideas into commercial opportunities”.

“Innovation is happening on the factory floor, on our farms, at the supermarket checkout and in the office,” he said.

The Minister went on to explain that the role of the Agenda and government policy is to create conditions that allow businesses to take advantage of Australia’s economic opportunities. This can be by helping a small business expand into new markets, change the way they operate or through major investment to create the research infrastructure of the future.

“Innovation is not just about tech startups… It is also about established businesses doing things better to stay competitive.”

The Agenda includes measures worth more than $1.1 billion, such as tax incentives for investors in early stage innovative companies, boosting women’s participation in science, technology, engineering and mathematics, and investment in critical science infrastructure.

Read the full speech on