AusBiotech has welcomed the investment into the life sciences industry through this week’s New South Wales and Queensland Budgets, as well as the recognition of biotech’s ability to “underpin the jobs, businesses and industries of the future”.
The NSW budget included a new $703.4 million Future Economy Fund, to drive growth in emerging high-value industries, including medtech, and digital technology, over four years.
Notably, included in this Fund is $342 million to boost commercialisation support, and to provide targeted support to research institutions, start-ups, scale-ups and SMEs.
The Fund will also invest $219 million to accelerate growth and investment in priority industry sectors, including modern manufacturing and medtech; and $142 million to drive R&D growth in sectors in which NSW has a natural competitive advantage, such as advanced collaboration with the private sector, universities, and CSIRO.
Announcing the Budget, Treasurer Matt Kean highlighted the “power of medical science”, before revealing a number of additional investments into R&D facilities.
- The Biomedical Accelerator Complex in Camperdown will receive $150 million over four years to become a state-of-the-art biomedical research hub enabling researchers and industry to collaborate together on solving critical health challenges.
- The Viral Vector Manufacturing Facility at Westmead will see $50 million invested, to develop and test life-saving therapies for rare genetic diseases and cancers. This includes $26 million to continue providing highly specialised cell and gene therapies for patients with rare or late-stage diseases.
- To translate RNA therapeutics research into clinical and commercial outcomes and ensure the best use of the pilot manufacturing facility, $119 million will be invested over 10 years into RNA therapeutics manufacturing, research and development.
- An Advanced Manufacturing Research Facility in the Bradfield City Centre will see $262 million invested, thereby aiming to support the creation of hundreds of high-value jobs and unlocking billions of dollars of real private sector investment by 2056.
The announcements align with the NSW Government’s 20-year roadmap for industry, which maps its long-term strategy for turning the state’s research and development capabilities into new world-leading industries and jobs.
AusBiotech also welcomed the Queensland Budget’s investment into the biotech sector, with the Hon. Cameron Dick MP, Treasurer and Minister for Trade and Investment, noting how advanced manufacturing and biomedical technology will deliver the well-paying, secure, highly skilled jobs of the future.
A $3.34 billion Queensland Jobs Fund has been announced to capture future opportunities in traditional and emerging industries. These will align with the government’s 10-year Industry Roadmaps and initiatives and aim to drive innovation-led jobs for the future.
The Queensland Jobs Fund includes a $350 million ‘Industry Partnership Program’ to unlock the State’s advanced manufacturing potential and to grow and create jobs across priority industry sectors, including in biomedicines.
A new facility to produce Vaxxas’ needle-free vaccines is an example of the Government’s support as it aims to make the state a globally-competitive Asia-Pacific biomedical hub. This facility is expected to employ up to 110 high-skilled biomedical experts once operating in early 2023.
In addition, $50 million is committed over two years to continue the Made in Queensland and Manufacturing Hubs Grant programmes. These support small and medium-sized manufacturers to increase their international competitiveness and build advanced manufacturing capability in Queensland’s regions.
The pre-Budget announcement of the Translational Research Institute’s expansion was also included in the Budget papers.
The announcements in the NSW and QLD State Budgets support core, critical areas of focus outlined in AusBiotech’s industry-developed Biotechnology Blueprint, a decadal strategy for biotech industry, including support for commercialisation, addressing capability and skills gaps, and building sovereign capabilities.
Read the NSW Budget papers here.
Read the QLD Budget papers here.