$150 million to make SEQ an innovation powerhouse

South East Queensland (SEQ) is set to become an innovation powerhouse thanks to more than $150 million of investment in infrastructure to boost the region’s innovation economy.

The SEQ Innovation Economy Fund is part of the $1.8 billion SEQ City Deal, a partnership between the Australian Government, Queensland Government and Council of Mayors (SEQ), which aims to improve the accessibility, prosperity and liveability of the region – home to around four million residents.  

Eligible local governments, industry, public and private entities can now apply for funding for capital projects that will deliver new and improved innovation infrastructure in SEQ and help grow high-value, knowledge-intensive jobs across the region.

The Australian and Queensland Governments have committed $50 million each to create the fund, with at least $50 million in co-contributions required from industry.

The fund aims to support capital projects which will:

• develop infrastructure within existing SEQ innovation precincts to accelerate the delivery of high value, future-focussed employment opportunities
• grow the SEQ innovation economy through the development and commercialisation of innovative products, services or processes using new and sustainable technologies
• develop new and leverage existing partnerships that strengthen the SEQ innovation economy to drive greater economic, environmental and social outcomes for the region.

Funding of up to $25 million is available for major capital projects that include new builds, extensions or refurbishments of innovation infrastructure, the purchase and installation of new equipment, or innovation-specific expansions to current capital projects.

Funding of up to $5 million is available for minor capital projects including refurbishments and the purchase and installation of new equipment. 

Applications for the SEQ Innovation Economy Fund close 22 November 2024. More information can be found at https://advance.qld.gov.au/grants-and-programs/innovation-economy-fund.

Quotes attributable to Federal Minister for Cities Jenny McAllister:

“We want to help grow South East Queensland’s innovation economy.

“Investing in future technologies and industries will drive innovation, create more high value job opportunities and make South East Queensland an even more exciting place to work and live.”

“The Albanese Government is working closely with our state and local government partners to deliver initiatives that benefit the community and support the local economy.”

 Quotes attributable to Queensland Minister for State Development and Infrastructure Grace Grace:

“The SEQ City Deal is a partnership between three levels of government with the aim of supporting jobs, improving connectivity and preserving and enhancing the SEQ region’s liveability.

“SEQ is an emerging economic powerhouse, with thriving industries and businesses offering new opportunities for employment and business growth for liveable and sustainable communities for the future.

“The SEQ Innovation Economy Fund will help local governments, industry, public and private entities deliver new and improved innovation infrastructure in SEQ and help grow high-value jobs across the region.”

Quotes attributable to Queensland Minister for Science and Innovation Leanne Linard:

“The Queensland Government is committed to building a groundbreaking and thriving innovation economy in South East Queensland.

“Brisbane, in particular, is one of the fastest growing tech hubs in the country, with more than 185,000 residents expected to be employed in tech hub industries by 2030.

“This investment by the SEQ Innovation Economy Fund will drive further growth in our critical innovation industries and accelerate the creation of new and exciting knowledge-intensive jobs of the future.”