NSW Budget: $833 million investment to turbocharge R&D
The NSW Government will deliver the single-largest investment in scientific research, innovation and technological development in the State’s history, with a landmark $832.7 million boost over four years in the 2022-23 NSW Budget.
Minister for Science, Innovation and Technology Alister Henskens said the Budget would turbocharge New South Wales’ world-class innovation ecosystem, creating jobs and new industries in line with the NSW Government’s 20-Year Research & Development Roadmap.
“New South Wales is leading the nation when it comes to science, innovation and technology, and we want to be a world leader in translating research into economic outcomes that deliver a brighter future for our State,” Mr Henskens said.
“The NSW Budget delivers unprecedented investment in research & development and commercialisation initiatives to create new jobs and drive growth in emerging industries and deliver long-lasting economic prosperity.
“The Budget will invest in innovation and commercialisation, attract international investment and help home-grown talent turbocharge their R&D work.
“This landmark investment is a game changer for New South Wales and demonstrates the NSW Government’s commitment to turning local research into new industries and jobs for future generations.”
The Budget includes a $703.4 million investment to establish the Future Economy Fund which will expand and accelerate R&D and commercialisation opportunities across the State, building on the work of the NSW Government’s R&D Action Plan.
Budget highlights for 2022-23 include:
$252.4 million ($703.4 million over four years) for the Future Economy Fund New South Wales’s first dedicated fund to target the end-to-end stages of business growth – from R&D and commercialisation, through to industry growth, investment attraction and maturity. The fund will include investments of:
$142.0millionoverfouryearstodriveresearch,developmentandinnovationgrowth in sectors where New South Wales has a natural competitive advantage, and advance collaboration with universities, CSIRO and the private sector
$342.4millionoverfouryearstoboostsupportforthecommercialisationofproducts, services and emerging digital technologies in fields that will grow the economy and providing targeted support to research institutions, start-ups, scale-ups and small- to-medium enterprise sectors in New South Wales
$72.2 million in capital expenditure for the development of the RNA Pilot Manufacturing Facility
$12.5 million for RNA R&D Initiatives ($119.1 million over 10 years) to accelerate the translation of RNA research into new products, services and jobs.