A new innovation fund has been established through a billion-dollar partnership, involving all three levels of Government, aimed at boosting south-east Queensland.
The Federal and State governments, along with the SEQ Council of Mayors, have signed up to the $1.8 billion SEQ City Deal agreement which aims to improve the accessibility, prosperity and liveability of the region which is home to around four million residents.
Part of the plan is a $150 million SEQ Innovation Economy Fund, announced recently, to boost the region’s innovation economy.
Federal Cities Minister Jenny McAllister said eligible local governments, industry, public and private entities could now apply for funding for capital projects that would deliver new and improved innovation infrastructure in SEQ and help grow high-value, knowledge-intensive jobs across the region.
Minister McAllister said the Federal and Queensland governments had committed $50 million each to create the fund, with at least $50 million in co-contributions required from industry.
She said the fund aimed to support capital projects which would:
- Develop infrastructure within existing SEQ innovation precincts to accelerate the delivery of high value, future-focussed employment opportunities.
- Grow the SEQ innovation economy through the development and commercialisation of innovative products, services or processes using new and sustainable technologies.
- Develop new and leverage existing partnerships that strengthen the SEQ innovation economy to drive greater economic, environmental and social outcomes for the region.
State Development and Infrastructure Minister Grace Grace said funding of up to $25 million was available for major capital projects that included new builds, extensions or refurbishments of innovation infrastructure, the purchase and installation of new equipment, or innovation-specific expansions to current capital projects.
Minister Grace said funding of up to $5 million was available for minor capital projects including refurbishments and the purchase and installation of new equipment.
Applications for the SEQ Innovation Economy Fund close November 22, 2024.
