LNP in Australia under the Abbott/Morrison government preferred private investment into Science and Technology. Yes, they preferred the American Model of high-risk quick gain Venture Capitalism being fully backed with less regulated citizens’ money. “Come in suckers and take a punt on this Perpetual Motion Machine”. The suckers, were in this case, the banks lending low-risk money they collected on high-risk stakes just as they did for Trump and his Atlantic City Casinos
Is it any wonder China is now outstripping us and the US in science and technology today? It’s government-sponsored and regulated. Our CSIRO was once a world leader, Royal Parade Melb globally known and highly regarded. Abbott cut their government grants, handed them the beggar’s bowl and told them to be “more entrepreneurial and less boffins”
The collapse of Lehman Brothers in 2008 sparked a worldwide credit crunch that contributed to the global financial crisis.
“Half of US venture capital firms are backed by this company — it has very deep tentacles into existing start-up companies across the US,” she said.