Victoria's Andrews Government has announced $200 million for a Future Industries Fund that will invest in six key sectors, including medical technology and pharmaceuticals.
The funding was announced in the 2015-16 Budget, announced earlier this week, that the Government says is designed to help create "sustainable economic growth."
The other sectors identified are: new energy technology; food and fibre; transport, defence and construction technology; international education; and, professional services.
Melbourne is already home to Australia's largest cluster of biotechnology, medical research and life sciences companies.
According to Minister for Industry, Lily D’Ambrosio, “We will support the transition of the Victorian economy through targeted sector strategies, helping businesses find ways to use their skills to create new products and reach new markets. This will help secure today’s jobs and create the jobs of tomorrow.”
The Government said it will take advice on the Fund from a Ministerial Advisory Council led by former Premier of Tasmania, David Bartlett.
The Ministerial Advisory Council will also include Professor Linda Kristjanson, Vice Chancellor Swinburne University of Technology, Gabrielle Coyne, CEO Penguin Random House, Nixon Apple, Alternate Director, Australian Super and Dr Leonie Walsh, Lead Scientist Victorian Government.