The Turnbull government's innovation statement was released on Monday. Here's what's on offer:

1. Stable science investment: By far the largest funding is reserved to provide stable funding for science infrastructure, previously funded year to year. At one stage as education minister, Christopher Pyne threatened this funding unless the federal parliament agreed to the Coalition's deregulation agenda. Now, it will receive $459 million in total over four years, with most funding kicking in from 2017.

2. Tax: Investors will be able to get a 20 per cent tax offset, rather than a deduction and a capital gains tax exemption. The offset model has been chosen instead of a deduction as it benefits people more evenly across income groups. This will cost $106 million over four years, with most funding kicking in after 2017. For example if someone invests $200,000 and claims the offset they will reduce their income tax by $40,000. Then if the investor sells their shares three years later, their initial $200,000 will be exempt from capital gains tax.

Malcolm Turnbull's statement is aimed at lifting innovation and the science sector across Australia. Gene Ramirez

3. Start-ups: For established start-ups this will bring forward the point at which they get their tax break, offering a 10 per cent tax rebate for venture capital investments to expand existing start-ups.

4. Bankruptcy: Laws will be changed to reduce the default bankruptcy period from three years to one year, and a new 'predominantly similar business test' will replace the 'same business test', allowing businesses to access past losses. This will be introduced via law changes brought on in the first half of 2016. The changes have no costing attached to them in the package.