Australia Offering Visas To Tech Entrepreneurs Worldwide
Australia, a powerful first world economy has been for some time now experiencing an economic decline due to lower global resource prices and a weaker global demand for mineral resources. This has inevitably resulted in the Australian receiving lower revenues from its mining driven economy. Australia therefore has started a drive to reduce its independence on the mining sector, and rather prioritize and stimulate its knowledge economy.
As reported in the AFP, Australia will introduce a new entrepreneur visa and offer tax breaks for start-ups, the government said Monday, as it seeks to unleash an “ideas boom” and move the economy away from its dependence on mining. Launching a signature Aus$1.1 billion (US$806 million) innovation agenda, Prime Minister Malcolm Turnbull said Australia needed a “dynamic, 21st century economy” underpinned by creativity.
“This is all about unleashing the ideas boom,” he told reporters in Canberra. “Unlike a mining boom, it is a boom that can continue forever, it is limited only by our imagination.”
Australia has enjoyed more than 20 years of economic growth, but an unprecedented mining investment boom is now fading, commodity prices are dropping and government revenues are falling.
Turnbull, a tech-savvy former businessman who became prime minister in September after beating his conservative Liberal Party colleague Tony Abbott in an internal ballot, said innovation was critical to the next wave of prosperity.
Australia lagged in terms of commercialising ideas, consistently ranking last or second last among OECD countries for business-research collaboration, he said, meaning a big cultural change was needed to turn things around.
Turnbull said there would be no cap placed on the number of new entrepreneur visas designed to attract innovative talent, while changes would also be made to retain high achieving foreign students.
“The more high-quality, effective, productive enterprising entrepreneurs we can attract, the better. Because they drive jobs,” he said.
The door is now wide open for tech entrepreneurs around to build global firms out of the Australia, with many incentives on offer. The sky is the limit to what you can achieve in this globalized world!