Qld innovation hubs could lift economy by $11bn

As many as 80,000 new jobs could be created in Queensland over the next decade by improving the state’s innovation hubs, a new report predicts.

The report from the University of Queensland predicts that lifting the growth of the state’s three biggest innovation precincts could also contribute an $11 billion-per-year windfall to the state’s economy.

The report includes a detailed approach — considered by the state cabinet on Tuesday — to further enhance the Queensland technology sector.

According to the research, in the past six years new ventures have supported almost 27,000 jobs. Advance Queensland has invested $755 million over this time, with 61% going to regional Queensland.

Premier Annastacia Palaszczuk said Queensland has a strong track record of investing in innovation and developing game-changing technologies.

“In recent decades the Smart State and Advance Queensland initiatives have supported our impressive innovation sector including our world-class research centres which will further fire up our economy. The latest UQ study highlights a very bright future indeed for our innovation precincts, hubs and clusters and the exciting growth they will generate,” she 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.”

She said the government is developing a whole-of-government 10-year plan for innovation based on the research. The state government will release a discussion paper covering its innovation strategy for consultation on Friday.

Image credit: ©stock.adobe.com/au/eyegelb