NSW Government 2022-23 Budget – Innovation Initiatives

After the recent release of the ambitious NSW 20-year R&D Roadmap, it has followed this up with some targeted support in the 2022-23 budget released this week.

In addition to the establishment of a $703m Future Economy Fund, the NSW Government has committed some further funds that will help encourage future external funding in the R&D space.

These new programmes committed in the budget include:

  • $72.2 million in capital expenditure for the development of the RNA Pilot Manufacturing Facility.
  • $12.5 million for RNA R&D Initiatives ($119.1 million over 10 years) to accelerate the translation of RNA research into new products, services and jobs.
  • $50 million has been set aside for the Viral Vector Manufacturing Facility at Westmead for developing and testing therapies for rare genetic diseases and cancers.
  • $261.9m for the shared use Advanced Manufacturing Research Facility in Bradfield, western Sydney, which is scheduled to be operational in 2026.
  • $150m for a state-of-the-art biomedical accelerator to be built in Camperdown to facilitate industry and researcher collaboration.

Whilst no new initiative funding has been to the Public Sector $2.1bn Digital Restart Fund part of the funding in the Future Economy Fund will be allocated to support Public-Private collaboration.

The government has developed a focus on translation effects for its investment in the innovation sector and hopefully will recognise that Australian SMEs are critical to the successful rollout of these initiatives and that support will be targeted to enable them to turn exciting new R&D into world-leading products and services.