The Morrison Government is continuing to drive investment in early stage companies and innovations that can grow the economy and create new Australian jobs.
New ABS figures show total venture capital investment soared from $574 million in 2017-18 to $701 million last financial year – the highest level since 2007-08, and up from less than $300 million when Labor was last in office.
Minister for Industry, Science and Technology Karen Andrews said the new figures showed the Morrison Government had created an environment for private investment to flourish.
“These figures prove that confidence among venture capitalists to invest in Australian businesses and ideas is sky-high under a Coalition Government,” Minister Andrews said.
“Venture capital investment fell off a cliff when Labor was last in government and since then the Coalition has been steadily improving it.
“We took decisive action to incentivise venture capital, including through our $100 million investment in the CSIRO Innovation Fund and the $500 million Biomedical Translation Fund.
“Australia is an attractive place to invest. Our ingenuity continues to deliver world-leading technologies which make our lives better and our businesses more competitive.
“These new ideas are what will continue to drive Australia’s economy forward and to create new jobs.”
The ABS data also showed there were a record 411 deals last financial year, up from 383 in 2017-18.
The Morrison Government is investing more than $10 billion in science, research and innovation this financial year as part of our strategic plan to create 1.25 million new jobs over the next five years.