In an effort to “build the country’s resilience" by transforming “leading research into world-beating businesses”, the Australian government has announced a $1.6 billion “economic accelerator” (EA).

“Stronger commercialisation of research and ideas will mean a stronger economy and a stronger future for Australia,” said Australian PM Scott Morrison. Adding that the EA would invest in projects through their development stages, Morrison noted, “The EA will drive our universities and businesses to work hand-in-glove through the stages to prove projects’ viability and potential.” 

Reportedly, the EA is part of a $2.2 billion package to commercialise six national manufacturing priority areas, namely resources and critical minerals, food and beverage, medical products, recycling and clean energy, defence and space.

Acting Minister for Education and Youth Stuart Robert believes the EA would boost investment in two critical stages of experimental development: proof of concept and proof of scale.

“The EA will become a critical source of competitive funding support for innovating new projects with high commercial potential and will take a lot of the risk and uncertainty for universities out of the equation. This investment is about new jobs, increased wages, and creating products that make life easier, more efficient or even more interesting,” Robert said.

Australian employers welcomed this investment, and said more businesses will now be able to “scale-up and commercialise innovative technologies.” 

The Australian Chamber of Commerce and Industry (ACCI) said in a release that proactive policies that capitalise on “industry-university collaboration” will be “critical to modernising industry, creating new jobs, and realising our economic potential.”

“Some of the best and brightest researchers in the world are right here in Australia, but we can do much better to enhance collaboration between universities and industry. The $2.2 billion investment to strengthen research commercialisation will empower businesses to grow and export our innovations globally,” said ACCI Chief Executive Andrew McKellar.

With government support and the right people capabilities to foster innovation and growth, Aussie businesses are looking forward to a productive, profitable and prosperous year.