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  • Writer's pictureHaines Consulting Group

Breakthrough Victoria Fund

The Victorian Budget 2020/21 delivered a landmark $2 billion for the Breakthrough Victoria Fund to ensure Victoria remains at the forefront of research and innovation – an investment that delivers certainty for industry and will create a pipeline of more than 15,700 jobs.

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.

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

Victoria’s medical research sector supports more than 30,000 jobs across institutes, universities and industry, with more than 40 per cent of Australian-based biotechnology and medical technology companies calling Melbourne home.

The establishment of the Breakthrough Victoria Fund complements the $210 million boost to medical research and new Australian Institute for Infectious Disease which also received funding in this year’s Budget.

Sector focus

The Fund will drive investment in research, innovation and commercialisation.

Key industry sectors will be:

  • health and life‑sciences

  • agri‑food

  • 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.

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.

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