The New South Wales government has announced a $117 million research and development investment in vital infrastructure and equipment that would support Australian scientists and innovators.
The Innovation Research Acceleration Program (IRAP) is part of the landmark Future Economy Fund included in the 2022-22 NSW Budget, according to Treasurer Matt Kean.
In a statement, Kean said the R&D acceleration program will open new opportunities, foster innovation, and kickstart businesses that will create the industries and jobs of the future.
The treasurer further explained that the Future Economy Fund will make strategic interventions and investments across the business lifecycle, while IRAP targets the critical first stage.
IRAP will come in two streams, with the first being the Infrastructure Build Out Program, a one-year, $31 million initiative that would support research and innovation infrastructure that will underpin future industry and technology requirements identified in the 20-year R&D Roadmap.
IRAP’s second stream, called the NCRIS Support Program, is a four-year, $86 million funding allocated for NSW research facilities backed by the National Collaborative Research Infrastructure Strategy.
The funding is intended to bolster research capability and capacity across areas including microscopy, nanofabrication, bioplatforms, and imaging.
Minister for Science, Innovation, and Technology Alister Henskens said the investment would allow NSW to tap into its leading human capital and infrastructure.
“Research and innovation infrastructure, including high-tech facilities and equipment, underpins the State’s ability to turn R&D into real commercial outcomes, jobs and new industries,” Henskens said.
“Often such equipment and expertise is expensive or unattainable for many research organisations and companies. The IRAP is designed to enable the delivery of, and equitable access to, essential research and innovation infrastructure,” the minister added.
“This means more innovative ideas will be given the support and access they need to develop, which in turn will help grow our economy and secure NSW’s position as Australia’s innovation engine room.”
