Australia's investing millions to create a tech boom as mining declines

 
Lynsey Barber
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Australia wants to switch mining for tech

Australia will invest millions in an attempt to create a new tech boom, as mining in the country declines.

An AUS$1.1 billion (£534m) package of measures designed to encourage entrepreneurship and new business includes reduced capital gains tax for startups, income tax rebates for retail investors and immigration changes to hire talent.

"The mining boom, the mining construction boom has been great for Australia. It has driven growth in incomes, but, as we have seen, the mining boom inevitably has receded," said Australian Prime Minister Malcolm Turnbull.

He also promised better research collaboration, which the country ranks last for among OECD countries.

Software maker Atlassian is one of the most high-profile startup success stories to come out of Australia and is due to float this week with a unicorn-busting valuation of AUS$3.6 billion.

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