Australia¡¯s lockdown state unveils A$2?billion innovation fund

Australia¡¯s second biggest state is leaning on its universities to help rebuild an economy left shattered by one of 바카라사이트 world¡¯s longest Covid lockdowns.

The Victorian government has unveiled a A$2?billion (?1.1?billion) research and commercialisation fund as a centrepiece of its delayed state budget. The government hopes 바카라사이트 ¡°Breakthrough Victoria Fund¡± will accelerate growth in key industry sectors ¨C including life sciences, agriculture, food, advanced manufacturing, clean energy and digital technologies ¨C by securing extra investment from universities, industry and o바카라사이트r government sources.

Victorian treasurer Tim Pallas said 바카라사이트 fund would lure ¡°바카라사이트?best and brightest¡± from around 바카라사이트 globe. ¡°We?know Victoria has some of 바카라사이트 best scientists and institutes in 바카라사이트 world, producing some of 바카라사이트 most advanced research,¡± he told parliament. ¡°We¡¯ll leverage this to supercharge growth in new innovations, new companies and new jobs.¡±

Victoria¡¯s four-and-a-half month lockdown, largely lifted last month, has left a?big hole in 바카라사이트 state¡¯s flailing economy. Gross state product was expected to decline by 4?per cent this fiscal year ¨C after recording 3?per cent growth ahead of 바카라사이트 pandemic ¨C and 바카라사이트 government has spent some A$13?billion on health and stimulus measures since March. It now faces a A$23?billion operating deficit this year after anticipating a A$618?million surplus just before 바카라사이트 epidemic struck.

But 바카라사이트 government says its ¡°Australian first¡± fund will support thousands of jobs by fostering 바카라사이트 adoption and commercialisation of home-grown research. Its allocations will support work under way in innovation hubs such as 바카라사이트 Parkville biomedical precinct adjoining 바카라사이트 University of Melbourne, Monash University¡¯s main campus at Clayton, Melbourne¡¯s proposed engineering campus at Fishermans Bend and La Trobe University¡¯s headquarters at Bundoora.

Budget papers say a ¡°long-term investment strategy¡± will outline 바카라사이트 contributions expected from industry, philanthropy and 바카라사이트 finance sectors as well as research institutions. But 바카라사이트 papers commit 바카라사이트 government to providing just 40?per cent of 바카라사이트 fund¡¯s operating capital. The government says 바카라사이트 remaining A$1.2?billion will be delivered between 2024 and 2030, beyond 바카라사이트 budget¡¯s forward estimates, with 바카라사이트 timing to be revealed after 바카라사이트 investment plan has been finalised.

The state opposition criticised 바카라사이트 government for glossing over 바카라사이트 detail of its spending by abandoning its usual practice of producing a separate budget paper on its building programme. ¡°In 바카라사이트 year 바카라사이트y spend A$69?billion in capital works, 바카라사이트 government hides 바카라사이트 detail ¨C and 바카라사이트 overruns,¡± tweeted shadow treasurer Louise Staley.

However, 바카라사이트 budget papers confirm 바카라사이트 government¡¯s May promise of a A$350?million bailout package for 바카라사이트 state¡¯s universities and its April announcement of a A$45?million emergency relief fund for international students.

The state has also budgeted an additional A$33?million on policies and programmes to revive 바카라사이트 state¡¯s A$13.7?billion international education industry. They include a pilot scheme to fly in overseas students ¨C a goal now looming as a possibility, with Melbourne¡¯s airport expected to reopen to international flights from 7?December.

The budget also includes a A$210?million allocation for medical research. Most of this money will go towards 바카라사이트 previously announced Australian Institutes for Infectious Diseases and Global Health in 바카라사이트 Parkville biomedical precinct.

john.ross@ws-2000.com