The Australian Prime Minister Malcolm Turnbull announcing this initiative to reporters, saying that “this is all about unleashing the ideas boom”

One of the twenty measures under this policy will include an “Entrepreneur Visa” that is intends to provide a pathway to permanent residency for Entrepreneur Visa Applicants who start a successful business and have the financial backing from a third party to prove the business is viable. The changes have been put forward in response to the recent decline of the mining investment boom, which has seen a decline in government revenue.

This visa will make it easier for postgraduate researchers with qualifications in science, technology, engineering, mathematics and information technology that may be able to meet the criteria. Minister for Immigration and Border Protection claims the program will be designed to foster start-ups, help grow young businesses and encourage a culture of scientific innovation. The changes would “better target and attract the expertise and ideas of foreign workers, innovators and entrepreneurs to boost Australia’s innovative capacity”.

The scheme is not due to come into effect until late 2016.