Australian Job Creation and Economic Growth Via Sustainable Technology Investment

Australian Job Creation and Economic Growth Via Sustainable Technology Investment

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Joshua Abbott started this petition to Scott Morrison (Federal Member for Cook) and

Before you read - What do I need from you?

If you like this type of thinking and would like the Australian Federal Government to start thinking about Sustainability as an economic opportunity, then support this petition and suggest other types of policies which support the growth of the Sustainability sector in Australia

 

The Elevator Pitch:

This plan focuses on growing Australia’s economy while creating hundreds of thousands of high paying manufacturing and R&D jobs. This is achieved via government policies and funding which promote the development of, and investment in, the sustainability sector.

 

The problem:

Today the world is so busy arguing about the truth of climate change and the need for ‘sustainability’ that the economic opportunities for early adopters has been lost. If taken seriously, the economic benefits could provide explosive economic growth for Australia.

Furthermore, in a world of almost 8 billion people, the impact of actions by the majority of the 25 million well-meaning, recycling Australians is as significant as a rounding error.

SO how do we demonstrate the economic benefits to those against climate change while empowering those that do believe in climate change to magnify their efforts globally?

 

The concept:

In marketing there is a principle, create a need and then fill it. In the case of sustainability, that means, it doesn’t matter if climate change is real or not, there are massive opportunities for all Australian’s by becoming a world leader in Research & Development (R&D) and manufacturing of sustainable products. This is not a cynical statement, rather it recognises that an endless debate on climate change achieves nothing.

To achieve this growth, the government needs to do the following three things:

  1. Create a regulatory environment in Australia which is friendly to sustainable R&D, business investment and manufacturing.
  2. Create a sizeable fund which will be use to invest in sustainable companies
  3. Using venture capital principles, a qualified government department should determine which companies will be funded in return for part government ownership.

 

The benefits:

  • Australian Jobs Growth: Hundreds of thousands of new, high paying, jobs in Australia – both direct and indirect jobs
  • Australian Export Growth: By becoming a world leader in technology and manufacturing we can grow our exports significantly and generate wealth for ALL Australians
  • Australian Business, University & Infrastructure Investment: Significant flows of foreign investment in R&D boosting university funding, business funding and infrastructure builds
  • Australian Wage Growth: Through increased labour demand and higher skilled roles, Australian wages will rise
  • Less Australian under-employment: As unemployment decreases, so too will under-employment
  • Increased Australian GDP: If all Australia is able to produce and earn more this will flow on to all sectors of the economy including retail, tourism and property.

 

What this is not!

This is NOT an anti-fossil fuel campaign. It is NOT a commentary on the reality of climate change. It is NOT an endorsement to close coal power or stop coal mining. This is NOT a channel to restrict investment or development of other industries. The focus is specifically limited to creating a new segment of the Australian economy.

 

How would we achieve this?

To achieve this there would be a four point approach that are discussed in more detail below:

[NOTE: These points are suggestions, there are many possible approaches, if you have better ideas, please suggest, but let’s not destroy ideas, rather present your own views]

 

Point 1: Sustainable investment via government backed venture capital:

The Australian government would create a ‘venture capital partnership team’ by hiring prominent, qualified venture capitalists to manage the function. The team’s role would be to review proposals by Australian based R&D companies, including those supported by other, independent venture capital firms. Any projects which seem economically viable would be eligible to receive Federal government funding under a few conditions, including:

  1. 80% of all final products would be manufactured in Australia for at least 10 years after full product launch.
  2. 80% of all R&D would occur in Australia
  3. All technology trials would occur within Australia – including any prototype infrastructure

The principle here is that the Australian Government would borrow funds cheaply in exchange for a percentage ownership of the final company. If the final company were successful the Government would sell their share of the company at a profit which support the Federal budget.

 

Point 2: The creation of Australian R&D and manufacturing jobs

By insisting on 80% on-shore manufacturing and R&D, a significant increase in jobs creation would be expected. This would have a knock-on effect in other industries such as retail as newly employed Australian’s spend more money.

 

Point 3: Boosting Australian university funding and investment

Federal funding should be provided to Australian Universities to support courses and qualifications in sustainable technology which could be part of the University’s Business, Science and Engineering schools. Incentivising such programs would boost Australian capabilities.

Additionally universities with such programs should be allowed to have representatives included within the Government’s ‘venture capital partnership team’. These representatives could offer sustainable technology companies the opportunity to partner with the University. Such activities could help boost Australian universities international standing and could help attract private international funding for key projects which show the most promise.

 

Point 4: Infrastructure creation supporting Australian sustainable industries

Government policies should enable easy and fast tracked approvals for international and domestic projects implementing prototype and sustainable technologies. Infrastructure could include the creation of prototype power plants, charging stations, hydrogen generation, battery technologies, smart energy technologies and the creation of designated test zones within cities which may require under road sensors or other technology.

Where infrastructure project prove a success, Australia would become a global exporter of infrastructure technology. At the same time this would increase availability of key infrastructure, while creating construction jobs in both the traditional construction and high tech construction sectors. 

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