The Fund will drive investment in research, innovation and commercialisation.
Key industry sectors will be:
- health and life‑sciences
- advanced manufacturing
- clean economy
- digital technologies
Investments will be centred around Victoria’s key innovation and employment precincts. This list includes Arden Macauley, Bundoora, Clayton, Fishermans Bend, Parkville and Waurn Ponds. This will foster collaboration between industry and research partners.
Rollout of the Fund
The Victorian Government has established a new company to administer the fund. An interim board has been appointed and will prioritise the development of an investment plan to be finalised by mid-2021.
Frequently Asked Questions
What is the Breakthrough Victoria Fund?
The $2 billion Breakthrough Victoria Fund will drive investment in translational research, innovation and commercialisation outcomes to accelerate growth in key industry sectors and create jobs.
The focus industries will include health and life-sciences, agri-food, advanced manufacturing, clean energy and digital technologies.
This Fund is expected to catalyse significant investment from other industry, university and government sources and is expected to create 15,700 new jobs over 10 years.
The Fund will support research and development adoption and commercialisation outcomes across Victoria. It will support projects delivered in partnership with knowledge institutes and industry stakeholders, anchored at key innovation and employment precincts, including Parkville, Arden Macauley, Fishermans Bend, Latrobe Bundoora and Monash Clayton.
Why does Victoria need this fund?
We know Victoria has some of the best scientists and knowledge institutes in the world, producing some of the best research – that’s why investing now is critical to accelerate translational research, innovation and commercialisation outcomes.
This approach is estimated to create 15,700 jobs over 10 years in key industry sectors such as agri-food, advanced manufacturing, clean economy, health and life sciences, and digital technologies.
The Fund will cement Victoria’s international reputation as a destination for investment, research and global talent.
What types of investments will the $2 billion be spent on?
Investments will prioritise projects that have strong commercial potential to accelerate productivity, grow exports, support domestic manufacturing and create jobs.
An investment plan will be developed to guide the Fund’s investments. This plan will focus on projects that foster collaborative partnerships between industry, business and research institutes to deliver sector-wide, or multi-sector, benefits.
State funding will seek to leverage contributions from industry, research institutes and other partners, including from the finance and philanthropic sector.
Who will administer the fund?
The Victorian Government has established a new company, Breakthrough Victoria Pty Ltd, to oversee the Fund. The company, overseen by an expert independent board, will develop an investment plan to identify priority investments and facilitate partnerships between industry and research institutes.
The company will harness the expertise of leaders from industry, business, knowledge institutes and the finance sector. It will also draw on best-practice approaches from other leading jurisdictions.
When will the fund make its first investments?
It is anticipated that the first investments will be made in calendar 2021.
Reviewed 18 March 2021