The National Retail Association (NRA) has applauded the federal government's plan to fuel a $1.1 billion 'ideas boom' to boost investment and entrepreneurship.
The plan will aim to provide tax breaks for capital investment in start-ups, easing government procurement to all SMEs and providing extra support for incubators for small businesses.
In addition it will also offer initiatives to promote partnerships between universities and the industry.
NRA CEO Trevor Evans believes the retail sector will benefit from the proposed action.
“Retail is already at the forefront of digital disruption and global change.
“While it has faced great challenges since the introduction of ecommerce, retailers who are now flourishing have done so by recognising and taking advantage of new technologies in order to grow alongside changing behaviours and greater consumer demands.
“The measures announced today will give Australian retailers far greater potential to not only participate in ideas collaboration and risk-taking, but to invest in and influence the ensuing change in national culture.
“The retail businesses of the future, which create jobs, economic growth and prosperity for all Australians, will rely on innovation being actively encouraged and facilitated by the government.
“We congratulate the Federal Government on focussing so much of this package towards fostering growth in the small business sector, which is essential for job creation and overall economic prosperity across Australia.
“This package shows that our government has recognised that in order to remain prosperous in a changing global economy, we must put business, science, education and innovation at the heart of policy making now and into the future.”
The federal government plans to roll out the initiatives over a four-year period.