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Breakthrough Fund To Boost Research And Innovation

25 November 2020

The Andrews Labor Government is giving the brightest minds in Victoria the funding and support they need to make discoveries and breakthroughs that change lives, save lives and drive the future of Victoria’s economy.

Premier Daniel Andrews and Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford visited National Drug Discovery Centre at Walter and Eliza Hall Institute in Parkville today to see first-hand the ground-breaking research being undertaken at the facility.

Their advanced robotic high-throughput screening is helping fast-track the discovery of new medicines and discover more effective treatments for a range of conditions.

It’s just one example of the world-class research being done right here in Melbourne – and as Victoria recovers from the pandemic and rebuilds its economy, the Labor Government is driving further investment in our research and development sector.

The Victorian Budget 2020/21 delivered a landmark $2 billion for the Breakthrough Victoria Fund to ensure Victoria remains at the forefront of research and innovation – an investment that delivers certainty for industry and will create a pipeline of more than 15,700 jobs.

It will drive investment in research, innovation and growth in key industry sectors like health and life‑sciences, but also agri‑food, advanced manufacturing, clean energy and digital technologies – all aimed at creating more jobs.

The Fund will also draw on Victoria’s key innovation and employment precincts including Parkville, Arden Macauley, Fishermans Bend, La Trobe Bundoora and Monash Clayton – fostering collaboration between industry and research partners, and creating jobs.

Walter and Eliza Hall Institute is one of a number of world leading institutes located at the Parkville precinct, which has the highest concentration of life science research and development excellence in the country.

Victoria’s medical research sector supports more than 30,000 jobs across institutes, universities and industry, with more than 40 per cent of Australian-based biotechnology and medical technology companies calling Melbourne home.

The establishment of the Breakthrough Victoria Fund complements the $210 million boost to medical research and new Australian Institute for Infectious Disease which also received funding in this year’s Budget.

Quotes attributable to Premier Daniel Andrews

“Victoria is home to some of the world’s leading accomplished scientists, researchers and innovators – we’re backing them and the incredible work they do to make our world better.”

“This fund gives our research and development sector the certainty they need to keep striving for the next discovery and the next innovation that will change lives, save lives and drive our economy.”

Quote attributable to Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford

“We’re investing in the best minds and the best technology to identify and develop more effective medicines, treatments and devices faster – that’s good for the health and wellbeing of our community, and it’s good for jobs as we rebuild from the pandemic.”

Quote attributable to Walter and Eliza Hall Institute Director Professor Doug Hilton

“The Breakthrough Victoria Fund is visionary and will enable targeted investments into Victorian healthcare innovations so that local medical research discoveries can benefit people globally.”

Reviewed 26 November 2020

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