Home topics news Image Credit: ELMO Featured News Featured AI welcome, but more needed for innovation: Tech leaders react to Budget Yajush Gupta May 16, 2024 The Australian government has unveiled a budget prioritising two key areas: fostering innovation and ensuring social well-being. This dual focus reflects a balancing act often faced by economic plans. While some see support for small and medium-sized enterprises (SMEs) and deep-tech startups as crucial for future growth, others emphasize the need for immediate assistance to those most affected by current economic challenges. This budget aims to address both long-term aspirations, like transitioning to renewable energy, and immediate needs, highlighting the interconnectedness of social welfare and economic prosperity. Australia’s government announces a significant investment in science and technology, aiming to realign research and development policies with national priorities and bolster innovation outcomes. Over the next eight years, $38.2 million will be dedicated to supporting a diverse STEM workforce, particularly focusing on women and marginalized groups. In a bid to integrate Australia’s artificial intelligence expertise, $21.6 million will be allocated over five years, including establishing an AI Advisory Body. An additional $8.5 million over two years will enhance the government’s capacity to lead a safe and responsible AI agenda. Ensuring the continuity of Australia’s measurement science capabilities, $145.4 million will be invested over two years, with a particular focus on critical funding needs. Further investments include $479.9 million over nine years to support the development of a world-first quantum computer by PsiQuantum in collaboration with the