Future Made in Australia unveils $1.7 billion innovation fund
Surprise, the Future Made In Australia policy includes $1.7 billion for an innovation fund aimed at early-stage development.
One of the biggest pre-budget announcements was the Future Made In Australia policy. What wasn’t divulged was a $1.7 billion innovation fund aimed at early-stage development.
The Future Made in Australia agenda is designed to foster investment into priority industries in Australia. These include quantum computing, hydrogen, solar power, critical minerals and more.
In addition to the economic resilience and security focuses of the policy, it also highlights the future, particularly working towards net zero.
“The net zero transition and heightened geostrategic competition are transforming the global economy,” the budget papers read.
“These factors are changing the value of countries’ natural endowments, disrupting trade patterns, creating new markets, requiring heightened adaptability and rewarding innovation.”
While the Future Made In Australia policy may appear to be primarily focused on big business, there is a nugget thrown in for startups and small businesses developing technology within the target areas.
As part of the policy, $1.7 billion will be poured into a Future Made in Australia Innovation Fund over the next 10 years. The fund will be administered by the Australian Renewable Energy Agency.
The 2024-25 budget papers are somewhat vague regarding specifics, but do state the funding will support “innovation, commercialisation, pilot and demonstration projects and early stage development in priority sectors”.
The papers specifically call out renewable hydrogen, green metals, low-carbon liquid fuels and clean energy manufacturing such as batteries as target areas for the fund.
This is the second major investment we have seen earmarked for startups in a budget that largely wasn’t focused on the sector. And as it happens, both came under the Future Made In Australia Policy.
At the end of April, the federal government announced a $1 billion co-investment with the Queensland government into PsiQuantum – a quantum computing startup founded by Australians but based in Silicon Valley.
As part of the agreement, the startup will build its regional headquarters in Brisbane in the hope that Australia becomes a home base for quantum computing innovation.
To see SmartCompany‘s full budget coverage, click here.
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