Australia is a highly educated, ethnically diverse and resource-rich country with 159 billionaires; $3.4 trillion in superannuation savings; a $22.7 billion Future Made in Australia policy; a $272 billion Future Fund; a $22 billion Medical Research Future Fund; a $15 billion National Reconstruction Fund; and a sports loving population that spends $25 billion a year on gambling just for fun and the thrill of chance.
Yet we spend a meagre $3.5 billion in venture capital funding for new startups and strategic growth companies – the bulk of which is funded by a couple of super funds.
Why so little appetite to bet on new Australian businesses in a world that long ago proved that venture capital-funded businesses have an outsized contribution to GDP growth?
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A great thought-provoking article. There are so many elements of our positive Australian society and structures that need urgent review and our polarised dialog needs to compromise and align with the best people starting to make better decisions.