11
May
2015

Innovation: Labor's 'Back the Future' Budget for Innovation

Facts:

• Access, Industry Development and Innovation was budgeted in 2014-15 at $67.7mil down to $61.9mil in 2015-16 (a cut of $5.8 million.)

• Industry and Enterprise Innovation was budgeted in 2014-15 at $125.8mil down to $108.4mil in 2015-16 (a cut of $17.4 million).

• Labor’s $200mil flagship Future Industries Fund (including New Energy Jobs Fund) based on the Cain/Kirner Victorian Economic Development Corporation: a venture-capital fund that tried and failed to pick winners, leading to losses estimated at $110 million.

• The budget papers reveal a surge in public sector wages which will increase by 7.6 per cent and cost an extra $1.4 billion next financial year for the expanded bureaucracy.

Quotes attributed to David Southwick MP, Shadow Minister for Innovation:

“Labor has given Victorians a ‘Back to the Future’ Budget stalling much needed innovation.

“Daniel Andrews’ budget is straight out of the Cain/Kirner playbook: trying to pick winners, not embracing innovation.

“The Future Industries Fund is just a rebranded Victorian Economic Development Corporation from the Cain/Kirner era.

industry development picture

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