The government’s innovation package has been welcomed by the National Retail Association (NRA), with the four-year $1.1 billion plan designed to ‘inspire’ the business community.

The $1.1b plan to usher in an ‘ideas boom’, with innovation measures including facilitating greater risk-taking in investment and entrepreneurship, a greater focus on collaboration between education and industry, and the creation of higher opportunities for small businesses was welcomed by NRA CEO, Trevor Evans.

“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,” said Evans.

“Retail is already at the forefront of digital disruption and global change. While it has faced great challenges since the introduction of e-commerce, 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,” said Evans.

Prime minister, Malcolm Turnbull, said yesterday the package is “designed to inspire, it is designed to lead.”

“It is designed to encourage every single business to be more innovative. There’s never been a better time to start an Australian business as innovation prepares to take the baton from the mining boom,” said Turnbull.

The prime minister said Australia is on the doorstep of Asia, the world’s economic engine room, with businesses able to compete for customers anywhere in the world.

The internet and technologies it enabled meant Australia was part of a truly global marketplace, allowing companies to grow.

“No matter where they are located… they can sell their products and services just about every corner of the globe,” said Turnbull.

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