The Queensland government has handed down its 2018-19 Budget, with jobs and innovation once again a focus for the state.
The state’s innovation fund Advance Queensland, launched three years ago during the 2015-16 Budget, will be receiving a further AU$73 million over four years, bringing the total kitty to AU$650 million.
Specifically, the new cash injection will go towards the Advance Queensland Foundations for the Future initiative, which aims to back entrepreneurs through the Ignite Ideas program, Industry Research Fellowships, and the Backing Queensland Entrepreneurs program.
“Through the Palaszczuk government’s landmark Advance Queensland initiative we will ensure we back our entrepreneurial spirit and grow opportunities for business and industry,” Treasurer Jackie Trad said in her Budget speech.
Additional funding of AU$50 million over five years has also been provided in the Budget to support projects like the expansion of The Precinct, which is Queensland’s flagship hub for startups in Fortitude Valley, Brisbane; the Clem Jones Centre for Ageing and Dementia Research; and a range of programs to “drive and scale innovation in Queensland”.