“After years of procrastination and bungling from the Coalition, legislation aimed at revitalising Australia’s venture capital industry was yesterday passed through the Senate with Labor’s full support,” the Shadow Minister for Information Technology, Senator Kate Lundy, said today.
The legislation will make Australia more attractive for venture capitalists to invest in growing and innovative Australian start-up companies.
“The venture capital industry has been crying out for this legislation for years, and Labor took it to the election in 1998.
“Unfortunately, the Coalition ignored industry advice and introduced a regime that was almost completely ineffective, attracting a comparatively minuscule amount of foreign venture capital investment.
“This legislation was finally announced during the 2001 election campaign, and we were told in February it would be before the Parliament in June.
“Typically, it fell into some kind of black hole, and it actually took until November for this legislation to be introduced.
“In the interest of stimulating investment in Australian innovation, Labor welcomes the passage of this legislation,” Senator Lundy concluded.
Media contact: Simon Tatz ‑ (02) 6277 3334 or Electorate Office ‑ 0418 488 295.
