The Victorian government has allocated $2 billion to the Breakthrough Victoria Fund which will forefront of invest in research and innovation creating a pipeline of more than 15,700 jobs.
A new company will be established to administer the fund, with an interim independent expert board to oversee it led by former premier John Brumby AO as chair.
He will be supported by Professor Jane den Hollander, Dr Amanda Caples and Andrew Bassat as directors.
The interim board will establish the company and finalise its initial investment plan to guide the first tranche of investments from the fund this year.
The fund will drive investment in key industry sectors like health and life‑sciences, as well as agri‑food, advanced manufacturing, clean energy and digital technologies – all aimed at creating more jobs.
The interim board has appointed Xavier Csar as chief executive officer.
Acting premier James Merlino said the government is backingworld leading scientists, researchers and innovators to make the discoveries and breakthroughs needed to drive the state’s economy and remain at the forefront of research and innovation.