Australia to plow A$1.1 billion into switch from mining to tech

By Jane Wardell SYDNEY (Reuters) - Prime Minister Malcolm Turnbull on Monday unveiled a A$1.1 billion ($806 million) package to boost innovation in Australia, using his first major economic policy statement since becoming leader to map out a pathway beyond the country's fading resources boom. The plan's incentives include reductions in the capital gains tax for startups, generous income tax rebates for retail investors, changes to bankruptcy laws to encourage more risk-taking by entrepreneurs an