In joint media release No 2013/026, issued 17 February 2013, the Treasurer, Wayne Swan, and the Minister for Climate Change and Energy Efficiency, Greg Combet, announced "the Venture Australia" package, the purpose of which is "to grow new Australian knowledge based companies, high-skilled jobs and competitive products and services".
The package includes:
- a new $350 million round of equity funding through the Innovation Investment Fund (IIF) program to attract private sector investment into this high growth and dynamic area;
- changes to tax concessions to provide clarity and certainty for private sector investors and to facilitate investment by 'angel' syndicates; and
- promoting success stories of new Australian firms to global venture capital markets, to showcase the capabilities of Australia's innovative firms and to attract international investment.