The Australian Computer Society (ACS) has spoken out in support of the Australian venture capital trade mission that was currently touring the US West Coast.
The trade mission is being led by the Minister for Information Technology, Senator Richard Alston who was praised for his role in heading the mission to raise IT&T investment in Australia.
According to ACS President, Prins Ralston, the mission is a step in the right direction for the government.
"In order to attract international venture capital to Australia, the Government must demonstrate its unqualified support for our IT&T ventures," he noted.
But while he was enthusiastic about the trade mission, he noted that unless there is major reform of the Capital Gains Tax system, the mission's message could be lost.
"It's good to see that Senator Alston recognises what is required by actively promoting Australian industry in America's technology heartland. We're also pleased to hear that moves are underway to address the critical Capital Gains Tax issue which is a major impediment to venture capital investment in Australia."
Ralston noted that while investment capital was necessary to the growth of the industry, that unless the government dealt with problems such as the industry skills shortage that the dollars aren't likely to flow towards Australia.
"We also need to ensure we have sufficient skilled resources to do the work and conduct the research. In the long term, the investment dollars will go where the skills are because this is a knowledge based industry."
"The Australian Government must demonstrate a similar level of commitment to producing skilled IT professionals as it is showing to the pursuit of international venture capital through this delegation to Silicon Valley.
