Morrison on translating Australian research into cash

Australia's government said Tuesday it will spend more than $1 billion on converting research ideas into commercial hits as it looks to improve the economy. Prime Minister Scott Morrison said that the Australia's Economic Accelerator would focus on defense, space, minerals, food, medical products and clean energy.  

The new program would invest in stages by providing lots of small grants initially and then fewer but more valuable grants in subsequent rounds of funding. It is worth 1.6 billion Australian dollars and is part of a larger 2.2 billion Australian dollar package.