"All of this has been funded through MYEFO [the mid-year Economic and Fiscal Outlook]," he said.

Innovation Minister Christopher Pyne (left) and Prime Minister Malcolm Turnbull at the CSIRO Discovery Centre on Monday. Credit:Alex Ellinghausen

"What [Finance Minister] Mathias Cormann and I and the rest of the ERC have been doing for the last three months has been continuing to work on savings to ensure we can get the budget back to at least where it was in terms of the level it was [at the last budget] in May."

The $1 billion to be announced by Mr Turnbull and Innovation Minister Christopher Pyne will provide capital tax gains exemptions for new business ventures if they are sold after being held for more than three years.

Among 24 measures to be announced, there will be generous income tax rebates for retail investors who back start-ups, a new system to align university research with business outcomes, immigration changes to lure talent to Australia and changes to bankruptcy laws to make them more conducive to risk-taking without promoting recklessness.