News & Media

Victoria Leads The Nation In Research And Development

Innovation Minister Gavin Jennings welcomed today’s ABS statistics which showed Victoria has the highest rate of growth in investment in research and development since 2004-05. Today’s report Research and Experimental Development, Businesses, Australia, 2005-06 (cat. no. 8104.0) said: “While all states and territories reported increased expenditure on R&D, growth since 2004-05 was strongest in Victoria (up $541.7 million) and Western Australia ($392.7 million).” “Victoria’s results are fantastic, particularly considering we are a non-resource state,” Mr Jennings said. “Since 2000, the Victorian Government has developed a $1.8 billion Innovation Agenda, the largest such commitment for any State Government. “Some of the initiatives backed by this investment include the Australian Synchrotron, Australia’s largest piece of R&D infrastructure in decades, and the $103.5 million Energy Technology Innovation Strategy focusing on low emissions technologies. “The Innovation Agenda also focuses on Victoria’s established strengths in biotechnology, nanotechnology, polymer chemistry, energy and environmental technologies. “As a result, Victoria has achieved global top-five leadership in areas like stem cell research, cancer research, diabetes and neuroscience, and is one of only three cities in the world with two universities in global top 20 biomedicine rankings. “The Victorian Government has led the way in fostering innovation in Victoria, and it’s great to see businesses increasing their commitment to this important area of economic growth.”