Labor and the Greens also supported the main thrust of the $1.1 billion initiative, but said it comes after years of cutting funding to science and research.
"How on earth can you say that you are pro-innovation when you cut $3 billion from research, science and innovation, and then you put $1 billion back?" Opposition Leader Bill Shorten told reporters in Melbourne.
But chief scientist Ian Chubb described the package as "pretty good", saying there was nothing in it that he could disagree with.
The "jewel in the crown" was the special cabinet committee instead of support for science, innovation and research development being spread over 10 portfolios and more than 100 programs.
Australia had long lagged behind many other countries when it came to commercialising ideas from universities and research organisations, Professor Les Field from the Australian Academy of Science said.
RELATED READING:
Turnbull unveils $1 billion package to drive 'ideas boom'
"It means we can grow an economy based on our outstanding science, and which makes the best use of our significant scientific capital," he said. Universities Australia described it as "shrewd investment".
"Investing in innovation as an economic imperative - not a luxury," chief executive Belinda Robinson said. Business Council of Australia president Catherine Livingstone said the innovation agenda conveyed a positive and realistic ambition for what Australia could be.
"This is an opportunity to imagine our own future and work to realise our enormous potential as a nation," she said.
Start-up sector welcomes innovation statement
Accountants agreed, saying the package was the economic plan Australia had to have. "It's both an acknowledgement that the mining investment boom is over and recognition that our future prosperity ... will come from knowledge-intensive sectors," CPA Australia boss Alex Malley told AAP.
Insolvency law changes and the intended relaxation of some restrictive rules would go some way to creating a business environment more accepting of risk.
RELATED READING:
New visa to lure entrepreneurs
PricewaterhouseCoopers Australia head Luke Sayers said Australia was facing a growth problem. "The best way to spark growth is to create a bedrock for innovation and support businesses to disrupt themselves and take risks," he said.
"Today's statement is a great framework to achieve this."
Microsoft Australia's managing director Pip Marlow said the agenda ensured Australia remained globally competitive and provided a suite of measures to be able to compete with innovation leaders such as the US, Israel, the UK and Singapore.
