Grants of up to $25 million for capital works in South East Queensland are now on offer under a push to grow the innovation ecosystem in and around Brisbane. The matched funding will only flow to priority industries and growth areas like AgTech, personalised healthcare, clean energy and quantum.
Announced on Sunday, ahead of a month-long state election campaign, the grants are from a $150 million SEQ Innovation Economy Fund that was included in a city deal struck by mayors, state and federal governments in 2022.
In as strategic and place-based innovation approach, the matched funding is only on offer to entities in ‘knowledge intensive industries’ and linked to established innovation precincts.
While neither the industries or innovation precincts are completely defined, grant guidelines point to the state’s identification of science based industries — like sustainable energy, Defence and aerospace, biomedical and manufacturing — or innovation growth sectors like robotics, AI, nanotechnology and quantum.
The projects need to be linked to to innovation precincts within South East Queensland local government areas that been operating for at least 12 months.
“Investing in future technologies and industries will drive innovation, create more high value job opportunities and make South East Queensland an even more exciting place to work and live,” federal Minister for Cities Jenny McAllister said.
Stretching from the Gold Coast to Noosa and out to Toowoomba, South East Queensland is already home to nearly 4 million people and expected t pass 5 million by 2041.
“The Queensland government is committed to building a groundbreaking and thriving innovation economy in South East Queensland,” Queensland Minister for Science and Innovation Leanne Linard said.
“Brisbane, in particular, is one of the fastest growing tech hubs in the country, with more than 185,000 residents expected to be employed in tech hub industries by 2030.”
The federal and Queensland governments and the region’s mayors struck a $1.8 billion South East Queensland city deal in 2022, but it has taken years for the funding to flow, including the SEQ Innovation Economy Fund.
The Australian and Queensland governments have committed $50 million each to create the fund, while at least $50 million coming from required co-contributions from industry.
Funding from $5 million to $25 million is available for major capital projects like new builds, extensions or refurbishments of innovation infrastructure or new equipment.
Minor capital projects can apply for matched funding between $1 million and $5 million.
In July, the state government doubled down on placed based innovation, publishing a 10-year strategy and committing funding to smart infrastructure, networking and innovation programs in the strategic areas.
Advance Queensland is accepting applications for the SEQ Innovation Economy Fund throughout the state election campaign and into November, including the caretaker period which prevents the public service from binding an incoming government.
It means a potentially longer wait on updates. But the funding is already budgeted, a spokesperson for Senator McAllister said.
The state opposition did not respond when contacted about its commitment to the program. The wider cities deal was struck with a then-federal Coalition government in 2022.
In the lead up to the October election, the Miles government has also unveiled the recipients of its quantum grants program.
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