Four universities, including at least one in regional Australia, will benefit from a $ 243.5 million government plan to increase research that can be commercialized.
Prime Minister Scott Morrison used a speech at the Business Council of Australia’s annual meeting on Wednesday to outline the plan for “pioneering universities”.
“This new approach aims to encourage so-called ‘pioneering universities’, which are early users of intellectual property, labor relations and skills practices, to promote collaboration and commercialization results,” he said. Morrison to the online meeting.
Funding of up to $ 50 million over four years until June 2026 will be available to the selected universities to support research and development projects, staff, equipment and opportunities to increase collaboration with industry.
“We need our universities to play a bigger role in our economy and work hand in hand with Australian companies to develop the next generation of fantastic Australian products and companies,” Mr Morrison said.
Universities will partner with CSIRO and gain access to CSIRO Test Lab equipment, enabling researchers to work with some of our best-used scientists to prototype and test new technologies on a large scale.
Morrison told CEOs of many of Australia’s largest companies at the online meeting that there were “green shots of confidence” in the economy.
“It’s time to move on – step-by-step, necessarily conditioned by the need to open safely and remain safely open,” he said of the recovery from the pandemic.
He noted that the Reserve Bank predicted that the Australian economy would grow by 5.5 per cent next year and unemployment is expected to fall to four per cent in the June quarter of 2023.
“Household and business balances are healthy,” he said.
“Compared to the end of 2019, household cash savings have increased by $ 185 billion, and the company’s cash balance has increased by $ 145 billion by the end of August 2021.”
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