Innovation Key to Jobs and Growth Under Labor:

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Innovation Key to Jobs - Frank McGuire at CSL Behring 1

Broadmeadows MP Frank McGuire applauded Labor’s strategy for promoting innovation and jobs released today.

Since his election Mr McGuire has hosted a series of Economic and Cultural Development Summits to coordinate the three tiers of government, business and civil society to promote lifelong learning, jobs and growth.

He welcomed the vision and strategy behind the policy released by Shadow Minister for Innovation and Small Business Fiona Richardson and will work with her if Labor wins office on how it can benefit Melbourne’s North and particularly Broadmeadows where unemployment is currently at 26.4% – higher to Spain and equal to Greece.

Ms Richardson’s media release said: “While the Napthine Government cut funding to science, technology, engineering and innovation by 60 per cent, Innovation and job creation will be key to Victorian jobs and growth under an Andrews Labor Government.

Labor will establish the Premier’s Jobs and Investment Panel, using the unique insight of the private sector on how to invest $500 million to create high-skill, high-wage jobs. Labor will also establish Start-Up Victoria, a $60 million body to bring our most promising and innovative ideas to life through business case development, investment attraction and intellectual property advice.

In addition, Labor’s $200 million Future Industries Fund will offer grants to firms and companies specialising in the high-growth sectors in which Victoria is poised to lead the world. One of those sectors is medical technology and pharmaceuticals. Labor will invest $60 million in the new Aikenhead Centre for Medical Discovery at St Vincent’s Hospital to build the world-leading biomedical facility.

Labor’s Innovation Expert Panel, led by Victoria’s Chief Scientist and made up of researchers, industry figures, entrepreneurs and Victoria’s Chief Technology Advocate, will sit alongside the Premier’s Jobs and Investment Panel, assessing all initiatives to evaluate the viability of their commercialisation.

Labor will also investigate the use of incentive policies to support innovative ideas and businesses, based on the United Kingdom’s world leading ‘patent box’ initiative which rewards companies who manufacture patented inventions with a reduced tax rate. Ten other countries have adopted the model.

Labor will commission a review by the Victorian Competition and Efficiency Commission to recommend new procurement guidelines for innovation, research and development and include R&D investment as an evaluation criterion in procurement.

Labor will review the current financial arrangements for the synchrotron to ensure its long-term viability, so it can attract investment in additional beam-lines and unlock its economic and scientific potential.”

Innovation Key to Jobs - Frank McGuire at CSL Behring 2

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