Government announces Industry Innovation Precincts
The Federal Government has announced it will contribute $504 million to establish 10 new Industry Innovation Precincts in an attempt to drive productivity, improve connections between business and the research sector and modernise the country’s industry to compete more successfully in global markets.
The precincts will bring together businesses, research institutions such as the CSIO and universities and Government agencies to ‘foster innovation and generate economic benefits for Australian industry’.
The first Precinct will be a Manufacturing Precinct to help manufacturers upgrade skills and technologies, improve competitiveness and create a new wave of advanced manufacturing jobs. It will be based in two locations in South East Melbourne and Adelaide.
The second Precinct will be devoted to the food sector and headquartered in Melbourne.
"Australia has one of the best education and research systems in the world - but we must do better at translating this advantage into business success," the Minister for Industry and Innovation, Greg Combet, said.
"We need to change the culture in this country. We need to increase the level of industry-led research and get better economic and business dividends from our research so that our economy can realise the opportunities of the future."
Industry Innovation Precincts will be able to bid for funds from an Industry Collaboration Fund to carry out projects which bring new innovation practices to Australia, deploy new technologies and build global partnerships. This Fund will build to $50 million a year.