Australian Prime Minister, Turnbull, on Monday, revealed a new plan to boost the lagging economic growth in Australia. The new plan is indicative of shift of pro-mining policies to policies supporting innovation and research in science and technology.
Nearly 1.1 billion Australian dollars will be allocated to promote scientific innovation in the country. The strategic plan will address several issues currently blocking Australia’s path to economic progress. Funds will be distributed for training teachers to cultivate science and mathematical inclination since primary schooling. Tax laws and bankruptcy laws will also be revamped to encourage start-ups and risk takers.
Special funds have been allocated for investment in products based on Australian research. Funds have also been set aside to push Australian elites into global prominence by establishing launching pads in Silicon Valley, Tel Aviv and three other technological hubs.
Prime Minister Turnbull stressed on the urgency and necessity of the revised action plan. ‘We’re in a global brains race. The competition has already left the starting pad and we’ve just emerged out of the locker room,’ he said.
His actions, however, failed to impress opposition leader Bill Shorten, who said, “How on earth can you say you are pro-innovation when you cut $3 billion from research, science and innovation and then put $1 billion back? It doesn’t really go towards filling the gap, does it?”