We are a nation built on the ideas and creativity of our forebears. Generations of Australians have been at the forefront of science and innovation for more than 200 years. Our achievements are numerous and today we still are producing the great researchers and the disruptive ideas. But with a changing global economy and a decline in traditional manufacturing, our great challenge as a nation is to not just have the ideas, but have the ecosystem that allows Australians to pursue them. That is why under the new Prime Minister innovation has moved into the centre of public debate. 
However, innovation has to be more than just a collection of buzzwords and good intentions. We need a whole of government approach that will drive a cultural shift.
Our aim is a country with a growing entrepreneurial spirit, a citizenry who are prepared to pursue their ideas, prepared to take a risk and prepared to try again if they fail.
It is therefore excellent timing that the inaugural StartupWeek Sydney begins today, focusing on new and innovative businesses, a community that has never before seen this level of energy and momentum.
The Prime Minster has asked me to lead a cross-portfolio taskforce to develop an innovation agenda, a plan to unlock the growth potential of innovation, boosting our economy and creating jobs. The growth potential here is remarkable. Startups drive employment growth, adding 1.44 million jobs to the economy from 2006-2011. Innovative businesses are twice as likely to report productivity increases than businesses that don't innovate.
Despite representing less than half of all employing businesses in the economy in 2011-12, innovative businesses accounted for about 70 per cent of total employment, capital expenditure and business income, and more than 80 per cent of total internet income.
PricewaterhouseCoopers modelling shows an innovation-focused economy has the potential to raise GDP by $37 billion in 2024, with a contribution to GDP as high $136 billion in 2034, creating close to 540,000 jobs. I want to unlock this potential.
We're investing $9.7 billion in science, research and innovation - above the OECD average.
Our $225 million Industry Growth Centres are helping industry and research work together. They're identifying demand within industry for specific research and technical skills.
Our Entrepreneurs' Programme helps startups commercialise good ideas, providing market and industry information and access to advice and skills.
The Research and Development Tax Incentive helped 13,000 companies with $2.4 billion in tax support for eligible R&D investment in 2014-15.
Our Co-operative Research Centres are promoting cutting-edge research in our universities and research institutions and producing graduates with industry experience.
These initiatives are all about better preparing our researchers to work directly with industry to convert ideas into real business outcomes.
And they're being complemented by a range of other measures designed to help businesses get up and running - and then grow and prosper.
Greater tax concessions for employee share schemes will allow employees to benefit from the future growth and success of the business.
We announced this week plans to reform crowdfunding, to make it easier for startups to get the money they need to get their ideas off the ground and turn their dreams into reality.
Innovation is critical to Australia. It's an exciting time to be in the sector and this government wants to embrace an entrepreneurial, risk-taking culture which is critical to drive jobs and growth.