Bright and brilliant: future funding for Victorian science

'Victorians: Bright Ideas, Brilliant Future' -- a new innovation statement from the Victorian government announcing $310 million in new funding for science, technology and research initiatives -- was today launched by State Premier Steve Bracks and Innovation Minister John Brumby.

The policy, announced this morning at the Walter and Eliza Hall Institute of Medical Research, includes $114 million for specific key initiatives, as well as a further $196 million to be allocated through the STI Second Generation flexible funding program over the next five years.

The new initiatives are slated to start in July 2003, after the existing programs have been completed, said Bracks.

The new initiatives bring total spending on science, technology and innovation by the Victorian State Government to more than $900 million since the Bracks Government was elected.

Bracks said that the government saw innovation as crucial to the future of Victoria.

"Victoria needs to use our great strengths and advantages to generate new ideas and knowledge and develop new products and services for the global market," he said.

Key initiatives being funded by the policy include $50 million towards a new science and research effort for the rural sector, $30 million for a program to drive business innovation, by encouraging stronger links between R&D and business.

"All too often, good Australian ideas go offshore and other countries reap the benefits of jobs and wealth generated from research carried out here," said Innovation Minister John Brumby.

He said the program, called Building Innovative Businesses, would assist Victorian companies to commercialise research and technology, as well as adopt a more international outlook.

The Victorian State government is also creating a top-level Innovation Economy Advisory Board to identify strategies for development of the state's innovation economy. Bracks said that board members would be announced shortly.

Other initiatives include increased funding for science education and funding for programs in the ICT sector.