Investing in industry growth
The jobs of tomorrow depend on the decisions we make today.
That’s why in this Budget, the Albanese Government is investing more than $500 million to lay the foundations for future economic growth in science and industry.
At the centrepiece of this investment is the new $392 million Industry Growth Program.
This program will offer advice and grants to start-ups and small-to-medium businesses, to help them commercialise their ideas and grow.
This will enable emerging businesses to become the big employers of the future - backing our innovators with investment and advice so they can make the jump from brilliant idea to business plan to a growing enterprise.
Via grants and mentorship, Australia’s new Industry Growth Program will expand the pipeline of investment-ready projects for the $15 billion National Reconstruction Fund to consider in coming years.
This end-to-end approach will maximise the return on taxpayers’ investments and provide a clear pathway for our entrepreneurs to turn their ideas into thriving businesses in Australia instead of overseas.
In addition, the Government will invest $101 million in the responsible development of Australia’s quantum and artificial intelligence industries.
That’s why we want Australia to be at the forefront of technological developments that will shape the world in the years ahead.
This funding will work in tandem with Australia’s first National Quantum Strategy, which the Government announced last week, and the Government’s $15 billion National Reconstruction Fund.
We are also delivering on our election commitment to establish a Powering Australia Industry Growth Centre, with a $15 million investment to support local manufacturing of renewable energy technology.