The Australian government released its “Industry Innovation and Competitiveness Agenda,” to spur business growth through less regulation, lower taxes and more competitive markets; strengthen the labor force; improve economic infrastructure; and promote entrepreneurship and innovation through industry policy. Actions to foster a business-friendly environment include streamlining environmental approvals, reforming the regulation of industrial chemicals, and accepting without additional requirements services or products approved “under a trusted international standard of risk assessment.” A total of AUD 11.6 billion ($10.1 billion) has been invested in an Infrastructure Growth Package to improve access for products in the market. The government will support small- and medium-sized enterprises and work with researchers and industry to improve return on its annual AUD 9.2 billion in research funding. To support strong education in science, technology, engineering or math (STEM), among other measures, the government will reform the vocational education and training system and provide an additional AUD 12 million for STEM programs.

Source: Department of the Prime Minister and Cabinet