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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 ofthousands of new high-tech, high paid jobs of the future and add bill ions to export revenues withthree 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 byindustry and research partners, bringing total investment to $56 million.

Headquartered in Sydney but with a national reach, the Transport & Logistics, FinancialServices 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 newjobs 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 AustralianInnovation Partnerships will be industry-led and backed by some of Australias best researchinstitutions and government.

The Partnerships are in areas of established strength and areas of emerging opportunity so thatwe 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 andreceive 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 forAustralias national productivity and global competitiveness as an export nation.

It is the seventh most significant industry group contributor to GDP by value. The sector alsoprovides 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 evenmodest gains in efficiency can have substantial economic benefits.

The Transport & Logistics Innovation Partnership will improve collaboration throughout thesector, boosting productivity and creating new jobs, with substantial flow on benefits to theseindustry sectors.

The Partnership already includes almost 30 core partners from industry, the peak industry bodiesand the university sector: major names like Linfox, Patrick Container Ports, Sydney PortsCorporation, Bombardier Transportation and Downer Rail, working alongside leading researchorganisations and universities, including National ICT Australia (NICTA), University ofTechnology Sydney, Central Queensland University and the University of Western Sydney.

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It will be headquartered in Eveleigh, Sydney, with a corresponding centre in Rhodes in WesternSydney 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-kindby industry and research partners.

The Financial Services Innovation Partnership

The Financial Services Innovation Partnership will work to position Australia as a global leaderin 21st century financial services, innovation and technology, forging new partnerships, industry-wide 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 andthe 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 ofWollongong, 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 andWollongong.

The Partnership will receive funding of up to $16 million to 2016-17, to be matched cash or in-kind by industry and research partners.

The Creative Digital Innovation Partnership

Australias creative digital industries (CDI) are already key drivers of Australias economy andwill 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 $100billion but this is just the beginning.

The Creative Digital Innovation Partnership aims to create a globally recognised Australiandigital hub, rivalling Londons Tech City and New Yorks Silicon Valley.

The Partnership already includes 31 core partners and 27 collaborating partners including start-ups, SMEs, global firms, government and the research sector. It has signed up the ABC, AnimalLogic, IBM Australia, Commonwealth Bank of Australia, National ICT Australia, the University ofTechnology 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 orin-kind by core partners.

The Creative Digital Innovation Partnership will be based at Ultimo, which is already hometo 240 tech start-up worth a quarter of a billion dollars and supports almost 1500 directly andindirectly jobs.

All Australian Innovation Partnerships will also have access to a competitive, merit-basedIndustry Collaboration Fund to support large-scale projects. The amount of funding available forindividual projects will range from between $100,000 to $10 mill ion per year.

Only a Labor Government will put Australia on track to establish the jobs and industries of thefuture.

A Coalition Government would cut funding for the Australian Innovation Partnerships,dismantling the industry led networks and private sector investment that support them.

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Funding for this commitment is included in the budget in the Australian Innovation PartnershipProgram.

SYDNEY28 AUGUST 2013