The future economy

During the COVID-19 pandemic we were reminded of the immense potential of the human mind to help build a better world. Modern science created miraculous vaccines in record breaking time, saving countless lives. The NSW Government will invest in the potential of our best and brightest. Their ingenuity, creativity and imagination will provide the medicines of the future and the technologies that we cannot yet imagine. Their inventions will underpin the jobs, businesses and industries of the future that form the foundation of our State's economy for the next century.

Delivering research and development facilities

  • $150.0 million for the Biomedical Accelerator Complex in Camperdown. The Accelerator will be a state-of-the-art biomedical research complex offering a unique global concentration of biomedical research talent, enabling researchers and industry collaborators to work together on solving critical health challenges.

  • $119.1 million over 10 years in ribonucleic acid (RNA) therapeutics manufacturing, research and development for initiatives to translate RNA therapeutics research into clinical and commercial outcomes and ensure best use of the pilot manufacturing facility.

  • $49.6 million Viral Vector Manufacturing Facility at Westmead. This Facility will help New South Wales develop and test life-saving therapies for rare genetic diseases and cancers.

  • $261.9 million Advanced Manufacturing Research Facility in the Bradfield City Centre. The Facility will help develop the capacity of New South Wales in high-growth, technologically sophisticated manufacturing industries.

Investing in science and technology through the Future Economy Fund

The Budget includes $703.4 million for a Future Economy Fund (the Fund) to drive growth in emerging high-value industries such as digital technology, medtech and the clean economy. The Fund will include the following themes:

  • $342.4 million to boost support for the commercialisation of products, services and emerging digital technologies in fields that will grow the economy and provide targeted support to research institutions, start-ups, scale-ups and small-to-medium enterprise sectors in New South Wales.

  • $219.0 million to accelerate growth and investment in priority industry sectors, such as modern manufacturing, medtech, defence and aerospace, to deliver significant benefits to the economy, including by building local capability, securing high-value jobs and boosting productivity.

  • $142.0 million of dedicated funding to drive research and development and innovation growth in sectors in which New South Wales has a natural competitive advantage, such as quantum computing, and advance collaboration with universities, the CSIRO and the private sector.

Image of a science test