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$142.2 million roadmap sets course for future economy

26 July 2022

The Queensland Government has released a new $142.2 million roadmap setting out the state’s innovation and science priorities over the next 10 years.

The Advance Queensland – Innovation for a Future Economy 2022-2032 Roadmap will look to build on the momentum created by the Advance Queensland initiative.

When the Queensland Government embarked on the Advance Queensland journey in 2015, the aim was to build the state’s capability in science, research, innovation and entrepreneurship to ensure Queensland could fully engage in the emerging global future economy.

The future economy is a product of transformative technologies – such as the internet of things, artificial intelligence, robotics and biotechnology – that in effect are producing a range of new and interconnected industries, including circular, renewable energy, personalised health, biofutures, and digital economies.

Science, research, innovation and entrepreneurship are crucial these days as economies are fundamentally being transformed by major technological shifts – from AI to biotechnology.

Advance Queensland built on the highly successful Smart State investment which saw the establishment of key scientific infrastructure throughout the state, producing a wealth of research and highly skilled university graduates.

Advance Queensland focused on building a diverse and resilient economy based on the ingenuity and business acumen of Queenslanders.

Since 2015, the Queensland Government has invested $755 million through Advance Queensland, in turn leveraging $992 million from industry partners and supporting more than 28,000 jobs in the state, of which more than 11,200 are in the regions.

Advance Queensland is now ready to move to the next phase, capitalising on its successes and accelerating economic growth opportunities for Queensland in the lead up to the Brisbane 2032 Olympic and Paralympic Games.

The $142.2 million allocated in this year’s State Budget included $125.2 million for innovation initiatives and an additional $17 million for Queensland science.

The $125.2 million in innovation funding will be directed at supporting innovation and entrepreneurship in our regions, building stronger links between our researchers, entrepreneurs and industry, and at supporting a well-connected and inclusive innovation ecosystem.

This includes:

  • $100 million for innovation initiatives, including the continuation of the Ignite Ideas program for Queensland startups and innovators
  • $10.2 million to support the Office of the Queensland Chief Entrepreneur, and
  • $15 million to support the Queensland Innovation Precincts and Places Strategy 2022-2032.

The Queensland Innovation Precincts and Places Strategy will look to focus innovation places around priority sectors and technologies where Queensland has an advantage or where we need to develop stronger capability.

The $17 million for science will support science into industry innovations, with the aim of accelerating the commercialisation of university research.

Queensland Chief Entrepreneur Wayne Gerrard said there were two primary driving factors that would turbocharge innovation in the state.

“The Brisbane 2032 Olympic and Paralympic Games provides an amazing opportunity to focus our innovation efforts to maximise the economic opportunities for Queensland. Also, during the pandemic more people got comfortable working remotely, doing business and accessing services online,” Mr Gerard said.

“The 2032 Games offers us the opportunity as an economy to develop innovation products and services right across the state – to become the state renowned for creating leading-edge technologies.

“For example, as we build momentum towards hosting the 2032 Games, we will look to position ourselves as a major location for sport innovation – integrating technology to improve the experience of fans and athletes alike.

“Wearable tech, virtual and augmented reality, sports data analytics, digital signage, smart stadiums, smart automated and electric transportation, and live streaming are behind the evolution of sports and its method of engaging fans. We probably can’t foresee all the ways that technology will revolutionise the Brisbane 2032 Olympic and Paralympic experience.

“And COVID clearly demonstrated the importance of moving business and services online. There is great opportunity to move forward in this space, investing in digital infrastructure that supports Queensland business and our remote and regional communities.

“The future is bright for Queensland. We have the talent, skills and drive in our people, and we have a government and public service with the vision and commitment to help us capitalise on this. These all bode well.”

It is important to recognise that the roadmap does not exist in isolation.

It’s part of broader economic framework for advancing the Queensland economy, including:

For more information visit https://advance.qld.gov.au/innovation-future-economy.