This Budget builds on the $180 million investment in the 2015-16 Budget to grow Queensland’s innovation sector – inspiring the next generation of Queenslanders and creating the jobs of the future. Advance Queensland is helping grow our regional economies, supporting local businesses to harness innovation in a rapidly changing global economy.
Under the Palaszczuk Government’s plan, Queensland will have
a $1 billion industrial biotechnology and bioproducts sector by 2025, sustainable and exporting to global markets.
The Government will provide $19.7 million over three years to develop a Roadmap and Action Plan for this exciting new industry.
It will seek significant overseas investment, creating high-value and knowledge-intensive jobs in Queensland’s regions.
The funding includes $14 million of additional funding over three years to help businesses access venture capital including $5 million for a new Biofutures Industry Development Fund.
There is $5.3 million of additional funding over three years to implement the Queensland Biofutures 10-Year Roadmap and Action Plan.
Accelerating Advance Queensland
$9 million to support industry accelerators, encouraging the development of innovative products and services where Queensland excels.
Regional Innovation Hubs
$6 million for regional innovation hubs to encourage innovation in regional Queensland – connecting local efforts, leveraging regional strengths and li ing the capabilities of innovative local rms.
$10 million for the Platform Technology Program to develop and employ platform technologies – groups of technologies which form a base to take the next technological leap – in areas where Queensland has deep scientific knowledge and emerging industry strength.
For more information about Accelerating Advance Queensland, visit advance.qld.gov.au