A soon to be announced City Deal between the Morrison Government and the Marshall Government and the Adelaide City Council will unlock dedicated funding for innovation and research, kick-starting local job creation and entrepreneurship in the area.
A $20 million funding injection from the Morrison Government will establish a Research and Engagement Hub where government agencies will work with industry and the universities sector to progress cutting edge research in a range of critical hi-tech areas.
"The innovation hub located at Lot Fourteen will bring together venture capital, scientists and entrepreneurs to create the next generation of businesses for Adelaide," Minister Tudge said.
"Adelaide has always had a history of entrepreneurship and innovation and the Hub will turbocharge it."
The establishment of the Hub demonstrates the recognition that Adelaide is fast becoming a market leader in innovation and research. This project will help unearth the next significant new innovation or invention, harness competitive advantages and see ideas become reality.
"This announcement forms part of our plan to transform the Lot Fourteen precinct into a game changing hub of innovation. That means there will be more jobs for South Australians and more opportunities for our young people so they can stay here, rather than moving to the east coast for other opportunities," Minister Birmingham said.
"This hub is an investment into the next generation of entrepreneurs, researchers and creators and I am confident that we will see many innovative projects develop here that will eventually make their way to become commercial providers, with tangible benefits for South Australia."
Adelaide is already benefitting from the Australian Space Agency (ASA) being located on Lot Fourteen, a key commitment of the Morrison Government upon signing the Memorandum of Understanding. Minister for Industry, Science and Technology Karen Andrews MP said research and targeted investment such as the Hub and the ASA will help South Australia and the country better tap into the global space economy, worth about US$345 billion.
"The Morrison Government recognises the importance of space to Australia's economy and this investment will deliver a precinct that further drives entrepreneurship and innovation," Minister Andrews said.
"While the Australian Space Agency is about creating jobs and economic growth for South Australia and the whole nation, it's also about inspiring the next generation to aspire to be scientists and engineers, including in the research sector.
"More support for innovation and research will help to grow Australia's space sector, and meet our target of tripling the size of the sector to $12 billion by 2030 and create up to 20,000 jobs."
All levels of government will work together with industry and Adelaide's universities to develop the scope and design of the Hub.
The Morrison Government intends to work with South Australia and the Adelaide City Council to finalise the City Deal in the near future.
More information is available at https://citydeals.infrastructure.gov.au.
- Minister's office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555