Wednesday, 18 January 2017: AVCAL would like to extend its congratulations to Senator Arthur Sinodinos AO, on his impending appointment as Minister for Industry, Innovation and Science.

“Senator Sinodinos will no doubt bring a new perspective to the position, and his expertise in financial markets, economics and public policy will be valuable when it comes to understanding the role private equity and venture capital plays in the Australian economy.”

“We look forward to working with Senator Sinodinos on developing the next phase of the Government’s National Innovation and Science Agenda (NISA), which should be focused on supporting home-grown Australian scale-ups, including addressing roadblocks to more institutional capital flowing to this high growth segment.”

“The Government’s response to the R&D tax incentive review will also be crucial in encouraging innovation by maintaining strong levels of R&D expenditure and ensuring skilled jobs remain onshore,” said Yasser El-Ansary, AVCAL Chief Executive.

In FY16, private equity and venture capital investment in Australian businesses reached $3 billion and there is currently around $7 billion of dry powder ready to be invested into businesses across varying life stages (AVCAL 2016 Yearbook).

“We thank departing Minister Greg Hunt for his excellent engagement with the sector and commitment to strengthening Australia’s innovation ecosystem. We wish him well in his new role as Health and Sport Minister,” said Mr El-Ansary.