A comprehensive study on Queensland’s booming innovation sector predicted that over 80,000 new jobs will be created in the next decade as the state continues to become the forefront of global technology advancements.
The study, which was done by the University of Queensland, also predicted an $11 billion-a-year windfall to the state’s economy.
With the study’s detailed findings, the State Cabinet has considered creating a coordinated and strategic approach to further enhance and accelerate the innovation sector.
This follows Queensland’s successful history of investing in innovation and developing game-changing technologies and scientific breakthroughs such as the Smart State and Advance Queensland initiatives.
“The latest UQ study highlights a very bright future indeed for our innovation precincts, hubs and clusters and the exciting growth they will generate,” Premier Annastacia Palaszczuk said.
“New jobs in this sector will be vital as we transition from a short-term economic and health response to a long-term focus on productivity and competitiveness.”
In just six years, Advance Queensland has invested $755 million in over 7500 innovation projects. These new ventures have supported almost 27,000 jobs.
Some of the projects are even enjoying global success thanks to the added support by the State Government.
Innovation Minister Stirling Hinchliffe said that investments have been made to establish key innovation centres in Queensland over the past 20 years.
“They include the Herston Health Precinct; the Boggo Road Precinct encompassing the Ecosciences Precinct, the Princess Alexandra Hospital and the Translational Research Institute; and the Gold Coast Health and Knowledge Precinct,” Minister Hinchliffe said.
“Several regional locations also feature with the emergence of the Townsville Knowledge and Cairns University Hospital Precincts and the AgTech and Logistics Hub in Toowoomba.”
The study’s findings have prompted an immediate start on a new whole-of-government 10-year plan for innovation, which will be set for release for public consultation.
Minister Hinchliffe stated that the results of the study were proof that investing in the innovation sector was key to rebuilding Queensland.
“Innovation works best when industry and researchers work together to bring new ideas and applications to life and to market,” he said.
Source: Queensland Government Media Release