Scientific research and technological development will be turbocharged as part of a $117 million NSW Government investment to improve vital infrastructure and equipment that will support our world-leading scientists and innovators.
Treasurer Matt Kean said the Innovation Research Acceleration Program (IRAP) is part of the landmark Future Economy Fund, which was announced in the 2022-23 NSW Budget.
“The world’s biggest companies started with a simple idea, and this R&D acceleration program will help unlock opportunities, foster innovation and kickstart businesses that will create the industries and jobs of the future,” Mr Kean said.
“The Future Economy Fund will make strategic interventions and investments across the business life cycle, and the IRAP targets the critical first stage.”
The IRAP will have two streams of funding:
· Infrastructure Build Out Program: a $31 million one-year program supporting shared research and innovation infrastructure that will underpin future industry, and technology needs defined by the 20-year R&D Roadmap.
· NCRIS Support Program: an $86 million four-year fund for NSW research facilities supported by the Commonwealth’s National Collaborative Research Infrastructure Strategy (NCRIS). The funding will boost research capability and capacity across areas including microscopy, nanofabrication, bioplatforms and imaging.
Minister for Science, Innovation and Technology Alister Henskens said NSW is home to world class research institutions and expertise and this investment would unlock more opportunities to tap into our leading human capital and infrastructure.
“Research and innovation infrastructure, including high-tech facilities and equipment, underpins the State’s ability to turn R&D into real commercial outcomes, jobs and new industries,” Mr Henskens said.
“Often such equipment and expertise is expensive or unattainable for many research organisations and companies. The IRAP is designed to enable the delivery of, and equitable access to, essential research and innovation infrastructure.
“This means more innovative ideas will be given the support and access they need to develop, which in turn will help grow our economy and secure NSW’s position as Australia’s innovation engine room.”