Investor Updates
Australia unveils A$1bn innovation plan
19 February 2013
The Australian Government has unveiled a A$1 billion plan, half of which will be used to fund 10 innovation clusters with a view to bringing more new ideas to market.
Much of the plan aims to underpin Australia existing economic ties with Asia.
The Australian Government’s Industry and Innovation Statement commits about A$500 million to funding industry-led innovation precincts (clusters), including building on an existing manufacturing centre in Melbourne and a new food precinct to grow Australia’s agriculture and food sector.
The plan calls for a total of 10 innovation clusters to be set up, with eight to be determined through a competitive selection process. It joins Australia’s research capability with business to enhance the nation’s record for turning innovation into revenue.
“We don’t perform well by international comparisons in commercialising the research effort that we make in this country and I think one solution to that is to get industry far more active in directing some of the research effort that we have,” Minister for Industry and Innovation Greg Combet told ABC television.
High-performing small to medium-sized enterprises operating within the clusters will have access to the Growth Opportunities and Leadership Development (GOLD) service to help them reach their potential. Business support services, including Austrade, will partner to deliver GOLD services. Other partners are Enterprise Connect, Commercialisation Australia, AusIndustry, and the Export Finance and Insurance Corporation.
The Government has also set up two new industry leaders groups - a Manufacturing Leaders Group and a Services Leaders Group - to improve links between industry and research bodies with a view to making companies more competitive.
"It will advise on areas such as innovation, productivity, skills and international engagement and their impact on the international competitiveness of Australia's services sector,” Combet said in a statement
The Industry and Innovation Statement includes $A350 million in fresh venture capital funding, as well as about $10 million for clinical trial reforms to attract more foreign investment to the nation’s A$4 billion pharmaceutical industry.
Read the full announcement.
More information