Australia's huge $1.1 billion innovation fund to help startups, STEM, investment

Australia's Prime Minister Malcolm Turnbull — who has positioned himself as a leader in innovation — has announced a $1.1 billion plan to increase innovation in Australia.

The National Innovation and Science Agenda, announced at Australia's science body in Canberra CSIRO on Monday, has been labelled as an "ideas boom" to move Australia forward after the "mining boom."

"Unlike a mining boom, it is a boom that can continue forever, it is limited only by our imagination, and I know that Australians believe in themselves, I know that we are a creative and imaginative nation," Turnbull said.