Defence, biofuels and biomedical industries are set for a major boost in Queensland, with the state government opening applications for its new $180.6 million Sovereign Industry Development Fund.
The fund, a flagship initiative of the Crisafulli government, aims to accelerate growth in these priority sectors by supporting investment-ready projects that strengthen local manufacturing capability and build sovereign capacity in sectors considered essential to Queensland’s long-term prosperity and security.
Deputy Premier and Minister for State Development, Infrastructure and Planning Jarrod Bleijie said the fund “is a call to action for industry to partner with government to deliver for Queensland”.
“From biofuels to cutting-edge biomedical technologies and advanced defence capabilities, the Sovereign Industry Development Fund plays on Queensland’s strengths,” Mr Bleijie said.
The fund marks a departure from the former government’s “haphazard approach towards 11 priority areas”, which included non-viable industries, according to the Crisafulli government.
It is designed to unlock economic opportunities across the state to build regional capability, leverage strengths in targeted areas of defence, biomedical and biofuels, and will focus on supporting proposals that can demonstrate a significant expansion of sovereign manufacturing or service capability.
This may include common-use infrastructure, new service offerings or initiatives that deliver widespread industry benefits.
The fund will initially support “strategic and catalytic investment partnerships”, with applications now open for projects that are ready for delivery and capable of generating statewide impact.
“We’re calling on industry to bring forward bold ideas that will secure Queensland’s place in the global market,” Mr Bleijie said.
More details and application guidelines are available through the Department of State Development, Infrastructure and Planning.
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