INNOVATION. Wyatt Roy. One biiiillion dollars.

Malcolm Turnbull has made his first major policy announcement as the ‘Agile Prime Minister’, and it’s looking very much like his Kevin Rudd moment. When even the ABC isn’t buying the waffle, there may be a problem.

While the start-up sector has welcomed the package, which includes tax breaks for investors and a focus on teaching children science, maths and technology, others have labelled the $1 billion plan simply another expensive boondoggle.

As Terry McCrann writes, both the Business Council and the Chamber of Commerce and Industry not-to-subtly hinted that what they would really liked to have seen was company tax cuts, removal of red tape and industrial relations reform.

“Government spending this year will run at 25.9 per cent of GDP for the second successive year — all-but as high as the 26 per cent peak of the Rudd-Gillard years when all that money was splurged to save us from the GFC,” McCrann writes.

“Yes, the extra $2 billion [including $1 billion pledged for climate change] will hardly increase that, but goodness me, the PM should be announcing initiatives to CUT that spending, not increase it, even if marginally.”

And economist Judith Sloan points out many of the new policy positions echo those from Kevin Rudd’s infamous 2020 Summit. “The much more sensible approach by the government would be to enact measures to make it easier for all businesses to operate,” she writes.

“This involves getting government out of the way, removing the layers of regulations, making it easier and more affordable to hire and fire workers, and to lower the tax burden on all players.

“But I guess picking winners (but failures will be OK too because we are being instructed not to fear failure) is so much more attractive to politicians, particularly if it can be wrapped up in an endless stream of buzz words such as high-growth entrepreneurial ecosystem, innovation hubs, technology accelerators, culture of ideas, capability maps, and on and on.”

But apparently there has never been a more exciting time to be a rent-seeker. The hashtag #IdeasBoom has prompted the innovators on Twitter to come up with their own suggestions:

An app to check how thirsty Warnie is at any given time #ideasboom — Oat Mc....Xmas? (@PattusM) December 7, 2015

#ideasboom Bring in an US style health and education system — Je Suis Human (@geeksrulz) December 7, 2015

Hi, I'm from the Government, I'm here to help you Innovate. Please fill in this form. #ideasboom — Simon (@simon_as_twit) December 7, 2015

Full-term prime ministers #ideasboom — Nick Names Nuts (@nicknamesnuts) December 7, 2015

Save millions by limiting MPs expenses, travel and means test their pensions! #ideasboom #auspol — Keryn Robinson (@KerynR_Artist) December 7, 2015

Land Joe Hockey a plum job in another country #ideasboom — James Ambrose (@ichymochek) December 7, 2015

So basically they're enabling phoenixing. How wonderful for workers. #ideasboom #auspol — Emeline Gaske (@emelinegaske) December 7, 2015

If we're still going on #ideasboom, I nominate zip-lock bags on cereal packets. — David Rafferty (@portusprince) December 7, 2015

#ideasboom Give me lots and lots of money — Home Slice (@schetzer) December 7, 2015

disrupting air travel with crowdsourced unregulated private flights by unlicensed pilots #ideasboom — thomas violence (@thomas_violence) December 7, 2015

ideas that are so self aware they file for bankruptcy before actualising #ideasboom — Ol' Caffrey (@OldManCaffrey) December 7, 2015

This is more like it. This is what #ideasboom is all about. pic.twitter.com/Z2n3tbfia1 — Je Suis Human (@geeksrulz) December 7, 2015

A knork (knife one end, fork the other) to halve the washing up #ideasboom — Janey Has Moved (@janeyhasmoved) December 7, 2015

#ideasboom we support the real Aussie film industry - racist women ranting on trains — Ash Hauenschild (@AshHauenschild) December 7, 2015

Break down government and state governments into megacorporations, allow each one to have its own defence force #ideasboom — TacticalMaidYinette (@yinettesys) December 7, 2015

USB-powered, desktop wacky waving inflatable tube man #ideasboom — Heidi Marie (@StrumOfABitch) December 7, 2015

Continual announcements of exciting stuff. #ideasboom — Toni Nicho (@toninicho) December 7, 2015

Lisa needs braces!! Dental plan!! Lisa needs braces! Dental plan!! Lisa needs braces! Dental plan!! Lisa needs braces!! #ideasboom — Beckala (@Beckalaa) December 7, 2015

Let the wookie win #ideasboom — kym (@kymtje) December 7, 2015

All references to RealPlayer will be removed from Australian government web sites by the year 2023 #ideasboom — Rupert H (@rpy) December 7, 2015

EVERYONE gets access to Peter Slipper's diary. #ideasboom — Fake Chris Pyne (@FakeChrisPyne) December 7, 2015

#Ideasboom MPs to be renamed 'policy ninjas,' get paid only in exposure — lucy valentine (@LucyXIV) December 7, 2015

Tinder but for voting. #ideasboom — Cyberpunk Ibis (@godinpants) December 7, 2015

#ideasboom dogs bred 2b already walked — Sur Plus (@otiose94) December 7, 2015

$11bn to buy back dodgy copper to kill an innovative #NBN , & then pretend to be the heros by spending $1bn on #ideasboom (after $3bn cuts) — FTTP (@iwantmynbn) December 7, 2015

Get other people to come up with your policies #ideasboom — Broelman (@Broelman) December 7, 2015

#ideasboom 70,000 strong national primary-school-aged recorder orchestra. — Jung Thug (@ATTLien) December 7, 2015

Fresh in our memories #ideasboom — Anthony B, (@swearyanthony) December 7, 2015

#ideasboom remember to not sell militarily important assets to China — Dawn Lockyer-Clarke (@dettie1) December 7, 2015