The federal government has announced a new grant to support the creation of Australian Research Council (ARC) Training Centre for Cell and Tissue Engineering Technologies at Monash University.
In a joint statement, federal education minister Dan Tehan announced the $5 million grant with health minister Greg Hunt and Coalition Senator David Van.
The statement said the centre will attract a total of $13.2 million in cash and in-kind support and involves collaboration with 27 participating organisations across four countries.
"Regenerative medicine is a cutting-edge branch of science that develops methods to regrow, repair or replace damaged or diseased cells, organs or tissues," said Mr Tehan.
"Breakthroughs in this area will provide significant benefits to the medical treatment Australians receive as well as providing new business opportunities.
"This new research centre will create jobs and lead to patents and spin-off companies. It will also support mentoring opportunities for the next generation of industry scientists and improve the skills of future researchers in the tissue engineering and regenerative medicine sector.
"Our Government is strategically investing in partnerships between universities, industry and government to drive the commercialisation of research leading to new jobs, new business opportunities, productivity gains and benefits for society."
Mr Hunt said the new grant is part of the federal government's "unprecedented investment" in medical research and new biomedical technology, including regenerative medicine.
"Our $150 million, 10-year Australian Stem Cell Therapies Mission, funded through the landmark Medical Research Future Fund, recognises the huge potential of stem cell science to solve currently incurable health issues," he said.