Australia’s technology scene is booming, in part due to the efforts of both the federal and state governments that have attracted numerous technology companies, incubators, accelerators and investors into the country. The technology sector contributes around AUD$122 billion annually, and this figure is expected to grow significantly in the coming years. This article shall provide you with a comprehensive overview of the support given by the various government bodies in Australia, and more specifically the funding available for your company.
Australia’s technology scene is booming, in part due to the efforts of both the federal and state governments that have attracted numerous technology companies, incubators, accelerators and investors into the country. The technology sector contributes around AUD$122 billion annually, and this figure is expected to grow significantly in the coming years. This article shall provide you with a comprehensive overview of the support given by the various government bodies in Australia, and more specifically the funding available for your company.
Industry Growth Centres
The Australian federal government has funded 6 key industry growth centres to facilitate the local and international expansion of these industries. Companies are able to leverage these industry growth centres for support in areas such as research, funding, industry knowledge and legalities.
| Industry Growth Centre | Focus Areas |
| Advanced Manufacturing Growth Centre | Advanced Manufacturing |
| AustCyber | Cyber Security Growth Centre |
| Food Innovation Australia Ltd | Food and Agribusiness |
| MTPConnect | Medical Technologies and Pharmaceuticals |
| METS Ignited | Mining Equipment, Technology and Services |
| National Energy Resources Australia | Oil, Gas and Energy Resource |
Current Funding From The Australian Government
| Business Development | Biomedical Translation Fund | Provides companies with venture capital through licensed private sector fund managersFrom Brandon Capital Partners, OneVentures Management and BioScience Managers | Early-stage biomedical companiesCan be a product, process, service (including digital health services), technology or procedure |
| Internationalisation | Export Market Development Grant | Up to 50% reimbursement of eligible expenses, less the first $5,000Up to $150,000 per application, to a maximum of eight annual grants | Australian company that has an income less than $50million for the year and spent at least $15,000 on eligible export promotional activities |
| Innovation | R&D Tax Incentives | Non-refundable 38.5% tax off-set for large business 43.5% refundable tax off-set for SMEs | Large businesses and SMEs |
| Entrepreneur’s Programme | Accelerating commercialisation: Up to 50% of eligible expenditure to support commercialisation project, maximum of $1million, and inclusive of expert guidance Innovation connection grants: Funds research projects in collaboration with a Publicly Funded Research Organisation and maximum of $50,000 | SMEs and startups | |
| Business Research and Innovation Initiative | For businesses that provide solutions to challenges in the government sector Up to $100,000 to do a feasibility study over 3 months Most successful ideas are eligible for a further grant of up to $1 million to develop a prototype or proof of concept | SMEs | |
| CSIRO Kick-Start | Supported by the National Science Agency, dollar-matched funding of $10,000-$50,000 to undertake the research activities with CSIRO: Research into new idea Development of new or improved product/process Testing of new idea | SMEs and startups |
The Victorian Government
The Victorian Government is committed to positioning Victoria as the top of mind destination for technology companies and startups in the Asia-Pacific region, and its efforts have reaped stellar results. Its information and communication technology (ICT) industry generates annual revenue of $38.4 billion. Additionally, with over 1900 startups, Victoria’s startup ecosystem had grown in value to be worth AU$7 billion in 2020, doubling from 2019.
LaunchVic, An Independant Startup Agency
Established by the Victorian Government in 2016, LaunchVic is an independent agency responsible for developing Victoria’s startup ecosystem. While it does not provide startups with direct funding, it funds a range of programs in education, incubators, accelerators, mentoring, professional development and events. For more information regarding LaunchVic funded programs, do visit their official website.
Powered by LaunchVic, the CivVic Labs is a three-month accelerator program that connects startups with opportunities in the public sector and a chance to secure a government contract of up to AU$150,000. During this period, startups will be provided with AU$35,000 capital funding, mentoring, workshops and an office space.
Current Funding From The Victorian Government
| Areas | Grants | Benefits For Your Tech Company | Targeted Tech Companies |
| Business Development | Venture Growth Fund | Victorian government will co-invest with institutional investors into local high-growth startupsVenture debt funding | High-growth scaleups that are at least 2 years old, growing at least 20% per annum, generating at least $3 million in revenue and have a clear line to profitability |
| Victorian Startup Capital Fund | Victorian government’s investment will be matched 1:1 by private sector investors | Early-stage startups that are currently backed by VCs | |
| Women’s Angel Sidecar Fund | Between $50,000 to $300,000 funding Private sector investors will match the Victorian government’s contribution by a minimum of 3:1 in a ‘Sidecar’ structure 85% of government investment will be equity while 15% will be non-dilutive grant | Early-stage women-led startups | |
| Innovation | R&D Cash Flow Loans | Low-interest loans provided by Treasury Corporation of Victoria (TCV) of between $250,000 and $4 million, for a period between 12-28 months | SMEs that demonstrate R&D potential in Victoria |
| Breakthrough Victoria Fund | Victoria’s first and largest tech budget Fund will drive investment in research, innovation and commercialisation in: health and life‑sciences agri‑food advanced manufacturing clean economy digital technologies | More details to be released when the investment plan is finalised |
The New South Wales Government
New South Wales has established itself as the technology and startup capital of Australia. Ranked among the top 30 startup ecosystems, it is home to more than half of Australia's startups, including globally recognised companies like Canva and Campaign Monitor. With the active support and funding from the NSW government, it is also an attractive destination for technology companies and startups hoping to expand into the Asia-Pacific region.
Emergence of Western Sydney as NSW’s New Technology Hub
Western Sydney is one of the fastest-growing economic nodes in Australia, hence the NSW government has been actively pumping in funds to develop it into a new technology hub.
Western Sydney Startup Hub
Expected to be completed by late 2021, it will provide affordable office space and programs to help startups and businesses thrive in Western Sydney.
Western Sydney Aerotropolis
The Aerotropolis will become a tech-savvy hub for industries such as aerospace and defence, manufacturing, healthcare, freight and logistics, agribusiness, education and research.
Westmead Health and Innovation District
This district will become Australia’s largest health and research zone with a focus on leveraging technologies to advance healthcare systems.
Current Funding From The New South Wales Government
| Areas | Grants | Benefits For Your Tech Company | Targeted Tech Companies |
| Business Development | Minimum Viable Product Grants | A matched funding grant up to 50% of approved project costs, to a maximum of $25,00035% of the funding received up-front and 65% after completion and validation | Pre-revenue startups that have potential business customers or business channel to marketDemonstrate that 80% of development costs will occur in NSW |
| Building Partnerships Grant | Up to 35% of the approved project costs, to a maximum of $100,000 Grant must be used for: further developing a product and/or solution, progressing early stage commercialisation and acquiring and retaining talent | Revenue-generating startups and SMEs Demonstrate adequate funding (at least 65% of total project costs) has been secured Solution can be delivered within 12 months | |
| Western Sydney Investment Attraction Fund | Provides funding to innovative businesses that wish to set up in Western Sydney | Details on the fund are being finalised | |
| Startup Travel Stipend | Up to $2000 to travel for an innovation-related purpose | Recipients of Minimum Viable Product Grants | |
| Medical Devices Fund | Fund invests in the development and commercialisation of medical devices and related technologies in NSW Minimum grant of $500,000 and maximum of $5 million | NSW based start-ups and established SMEs | |
| Innovation | TechVouchers | To encourage collaboration between SMEs and partners of the Boosting Business Innovation Program (BBIP) Up to $15,000 and must be matched by the SME | Incorporated in NSW and willing to partner with a BBIP delivery partner Turnover less than $30 million per annum |