Campaign Media Release Minister for Innovation, Industry, Science and Research Kim Carr

INNOVATION MAKES SYDNEY HOME TO FUTURE INDUSTRIES AND JOBS

Sydney will be Australias global gateway for innovative new industries that create tens of thousands of new high-tech, high paid jobs of the future and add billions to export revenues with three new industry partnerships in the growth sectors of transport, financial services and ICT. Federal Labor is providing up to $28 million to fund three partnerships to 2016-17, matched by industry and research partners, bringing total investment to $56 million. Headquartered in Sydney but with a national reach, the Transport & Logistics, Financial Services and Creative Digital Innovation Partnerships cover sectors that together account for almost 26 per cent of GDP and directly employ almost 1.5 millionAustralians. The new Financial Services Innovation Partnership alone is expected to create up to 30,000 new jobs and aims to unlock an additional $1.2 billion in financial services exports. In a first for Australian industry policy, the Rudd Labor Governments three new Australian Innovation Partnerships will be industry-led and backed by some of Australias best research institutions and government. The Partnerships are in areas of established strength and areas of emerging opportunity so that we are building on todays strengths while building up tomorrows. Together with the Medical Technologies Innovation Partnership announced earlier this month, the announcements today mean that Sydney will be home to four of the 12 new partnerships and receive over a quarter of total new investment. The Transport & Logistics Innovation Partnership The transport and logistics sector is a significant contributor to Australian GDP and vital for Australias national productivity and global competitiveness as an export nation. It is the seventh most significant industry group contributor to GDP by value. The sector also provides critical services to three of the top four industries by GDP value: mining; construction; and manufacturing. It supported over 240,000 transport logistics and freight related businesses in 2011. Every Australian industry is affected by the transport and logistics sector, meaning that even modest gains in efficiency can have substantial economic benefits. The Transport & Logistics Innovation Partnership will improve collaboration throughout the sector, boosting productivity and creating new jobs, with substantial flow on benefits to these industry sectors. The Partnership already includes almost 30 core partners from industry, the peak industry bodies and the university sector: major names like Linfox, Patrick Container Ports, Sydney Ports Corporation, Bombardier Transportation and Downer Rail, working alongside leading research organisations and universities, including National ICT Australia (NICTA), University of Technology Sydney, Central Queensland University and the University of Western Sydney.

It will be headquartered in Eveleigh, Sydney, with a corresponding centre in Rhodes in Western Sydney focusing on the rail industry, with other centres throughout Australia. The Partnership will receive funding of up to $6 million to 2016-17, to be matched cash or in-kind by industry and research partners. The Financial Services Innovation Partnership The Financial Services Innovation Partnership will work to position Australia as a global leader in 21st century financial services, innovation and technology, forging new partnerships, industrywide development, high-value jobs and export growth. The Partnership brings together 15 core partners at this early stage. It includes SIRCA Limited, the Boston Consulting Group, Bullseye Digital, Gilbert and Tobin, Green Trading Systems and the City of Sydney, working alongside FINSIA, the Australian Centre for Financial Studies, NICTA, the University of Sydney, the University of Technology Sydney and the University of Wollongong, to name a few. The Financial Services Innovation Partnership will be based in Sydneys CBD with plans to move to Barangaroo in 2015. Additional centres will also be established in Melbourne and Wollongong. The Partnership will receive funding of up to $16 million to 2016-17, to be matched cash or inkind by industry and research partners. The Creative Digital Innovation Partnership Australias creative digital industries (CDI) are already key drivers of Australias economy and will be significant contributors to our burgeoning digital economy in the future. Australias ICT sector employs 544,000 Australians and the ICT market is worth nearly $100 billion but this is just the beginning. The Creative Digital Innovation Partnership aims to create a globally recognised Australian digital hub, rivalling Londons Tech City and New Yorks Silicon Valley. The Partnership already includes 31 core partners and 27 collaborating partners including startups, SMEs, global firms, government and the research sector. It has signed up the ABC, Animal Logic, IBM Australia, Commonwealth Bank of Australia, National ICT Australia, the University of Technology Sydney, Australian National University and the University of Melbourne. It will receive government funding of up to $6 million to 2016-17, which will be matched cash or in-kind by core partners. The Creative Digital Innovation Partnership will be based at Ultimo, which is already home to 240 tech start-up worth a quarter of a billion dollars and supports almost 1500 directly and indirectly jobs. All Australian Innovation Partnerships will also have access to a competitive, merit-based Industry Collaboration Fund to support large-scale projects. The amount of funding available for individual projects will range from between $100,000 to $10 million per year. Only a Labor Government will put Australia on track to establish the jobs and industries of the future. A Coalition Government would cut funding for the Australian Innovation Partnerships, dismantling the industry led networks and private sector investment that support them.

Funding for this commitment is included in the budget in the Australian Innovation Partnership Program. SYDNEY 28 AUGUST 2013