VIDEO: Prime minister Malcolm Turnbull on his $1 billion 'ideas boom'

When Malcolm Turnbull became prime minister three months ago, he flagged innovation, disruption and technology in a digital economy as the cornerstones of his leadership.

Today, in his first major policy announcement, “ushering in the ideas boom” to replace the mining boom as it winds down, Turnbull, and industry, science and innovation minister Christopher Pyne revealed how they plan to implement the economic transition.

You can read more about that here.

In a pre-recorded address before the launch, Turnbull pointed out that collaboration between industry and researchers in Australia is the lowest in the OECD and that “the number of SMEs bringing new ideas to market is also low by international standards”.

Here’s how the prime minister and innovation minister explained the policies they hope will lead to an “ideas boom” as part of the “national innovation and science agenda”.

PM Malcolm Turnbull

This is the transcript:

Our economy is transitioning away from the mining boom.

The record commodity prices that drove growth are now receding.

Our future growth will depend on a different type of boom –an ideas boom.

The key to our future success is innovation.

To drive productivity and competitiveness.

The opportunity for Australians have never been greater.

We have unprecedented access to the global economy through new free trade deals and more than half of the world’s middle class now live in our region.

We have some of the best researchers in the world.

But we can do better in some key areas.

Collaboration between industry and researchers is the lowest in the OECD.

And the number of SMEs bringing new ideas to market is also low by international standards.

So today we’re unveiling an innovation package, critical for Australia to remain a high wage fair social welfare net economy.

The package will help innovative businesses access capital.

It ll help businesses commercialise their great ideas

It will promote innovation across government

It will equip young Australians with the skills they need to succeed in the 21st century economy.

Our focus is supporting a more innovative, agile and entrepreneurial Australia.

Innovation minister Christopher Pyne

Here’s what he said:

Technology and science are changing the way we live our lives, the way we work and the way our economy grows.

What we consider cutting edge today, our children will look back on as ancient history.

As we make the transition to a 21st century economy we’d actively encourage innovation to grow the jobs of the future.

Innovation is everyone’s business. It can happen in the classroom on the land in businesses and in every job, industry and sector of the economy.

Australia’s best resource is its people and we all need to work together to transform our future.

Innovation isn’t just entrepreneurs chasing the next Facebook. It’s not just a word that belongs in TV commercials for a new type of vacuum cleaner or juice extractor.

These things may be innovative but they don’t define what it is. Innovation is a way of improving everything, making everything more viable, more productive, often simpler and certainly more effective. It involves all of us and applies to all endeavours.

The National Innovation and Science Agenda will help innovative businesses and support entrepreneurs change the way our world-class research and businesses work together, build on our strengths in science and exponentially grow the way we commercialise our ideas and it encourages government to be an exemplar of innovation.

But above all it will prepare young Australians for the opportunities of the future, making sure they have the skills they need to create new ideas, turn those ideas into reality and reap the rewards of taking risks, learning from failure and embracing opportunity.

NOW WATCH: Ideas videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.