30 Nov 2021

The Victorian Government has announced an investment plan to increase the state's innovation sector and support jobs for future generations.

The Innovation Statement is an ambitious plan that builds on existing commitments to increase funding across several of the state's innovation and startup sectors.

The statement will:

  • turbocharge Victoria’s startup ecosystem
  • grow business and innovation precincts
  • develop homegrown talent
  • commercialise world-leading research

The government has made the following commitments.

Breakthrough Victoria Fund

The landmark $2 billion Breakthrough Victoria Fund will bridge the gap between discovery and commercialisation, and mobilise innovation in areas such as:

  • health and life sciences
  • agri-food
  • advanced manufacturing
  • clean economy
  • digital technologies

LaunchVic startup funds

The state's startup agency, LaunchVic, has programs available for Victorian startups to make them more innovative, competitive and attract national and international investors:

Connecting businesses for a digital future

The $550 million Connecting Victoria program helps businesses take advantage of digital opportunities with reliable, better value broadband across the state.

The $64 million Digital Jobs program is a priority initiative to address the digital skills shortage by training mid-career Victorians for in-demand digital roles.

Australian Institute of Infectious Disease

Health and medical research is another focus with investments totalling $590 million committed in the past year alone.

This includes:

  • up to $400 million for a new Australian Institute of Infectious Disease to lead the fight against future pandemics
  • an additional $50 million to spearhead local manufacturing of mRNA vaccines

Creating global connections

To promote Melbourne as a global 'innovation leader', Invest Victoria and Global Victoria will work to motivate world-leading innovators to establish operations in Victoria and attract foreign investors.

The statement outlines:

  • $80 million to attract business investment to Victoria in line with the Victorian Government’s Foreign Direct Investment Strategy
  • A $32 million investment to support Victorian exporters to stabilise and pivot their business models for recovery, sustain operations of the Victorian Government Trade and Investment network and showcase Victorian businesses to the world.
  • A free tool for Victorian businesses to assess their capability and capacity to export into new markets.
  • The Export Skills Program to help Victorian businesses affected by COVID-19 to grow and develop their export skills and capabilities.

More information about the innovation plan

Visit Innovation Victoria for more information or read the full media release on the Premier's website.