Scott Morrison says the government will create a $1.6 billion “economic accelerator” program.
He calls it a “stage-gated competitive program” designed to attract projects at the proof-of-concept or proof-of-scale stage.
“It will allow Australian innovators to access funding opportunities for each stage of their project, provided they can continue to prove project viability and, importantly, commercial potential.
“Industry involvement and engagement is required – it’s absolutely necessary at every stage.”
A new suite of 1000 research PhD and 800 university fellowship program places will be funded in the next 10 years.