The Federal Government has announced the release of a new cultural policy, which it claims will create jobs and encourage a new generation of artists and creative industry businesses.

The $245 million Creative Australia initiative was launched by Arts Minister Simon Crean.

"Creative Australia is about creating excellence, creating jobs, creating prosperity, creating opportunity and creating unique Australian stories—all vital to an outward looking, competitive and confident nation," Mr Crean said.

"I've long held a passion for the arts. It's not just the enjoyment they bring, I see the artist as central to us a nation and to securing its future.

"Creative Australia, the first national cultural policy for nearly 20 years, recognises that we must update our strategies because of the major changes sweeping through the cultural sector with digital communication and because more and more Australians are actively participating in cultural activities."

Creative Australia sets a long term agenda for cultural growth centred around five core goals with 11 pathways for action that provide a strategic framework to drive our national creative capacity.

"The Australian Government will immediately implement structural reforms to the Australia Council. These are the most significant since its creation 40 years ago at a time when the arts were only beginning to realise their potential," Mr Crean said.

"I will be introducing new legislation into Parliament next week, which will be backed by an investment of $75.3 million in new funding for the Australia Council over four years.

More information can be found here