Government programs supporting private sector innovation

Why this is important

Innovation can improve productivity, leading to higher economic growth and incomes. 

In recent years the government has committed to supporting innovation through its Innovation Statement (2021) and Economic Growth Statement (2024). 

There are several programs that aim to support innovation by private businesses. This includes through seed capital, direct investment as well as grants. 

Innovation carries risks and it can take some time for innovation to deliver benefits. It is important that government funding decisions are informed by sound decision-making frameworks and can demonstrate that the use of public funds achieves value. 

What we plan to examine

We plan to examine if government programs supporting business innovation, including grants and equity investments, are informed by sound decision-making frameworks and are achieving their intended outcomes.

Who we plan to examine

Department of Jobs, Skills, Industry and Regions

Other government-owned entities delivering innovation support