Albanese government commits $158 million to back three new CRCs

The federal government announced $158 million in funding for three new Cooperative Research Centres (CRCs) on Thursday, with a major focus on manufacturing life-saving medical treatments for diseases including cancer.

Industry and Science Minister Ed Husic (pictured) revealed the funding package, which includes $65 million over ten years for the newly established SMART CRC. This centre aims to manufacture cures for cancer, heart diseases, arthritis and other age-related ailments.

“Being able to make our own life-saving treatments onshore is hugely important to our nation,” Husic said.

The SMART CRC project is expected to generate economic benefits of up to $4.6 billion, with additional support coming from $173 million in cash and in-kind contributions from 63 project partners.

The funding announcement also included two other research centres: the Care Economy CRC, which received $35 million over ten years to revolutionise the care sector through new technologies and care models, and the Additive Manufacturing CRC, which secured $58 million over seven years to establish an advanced additive manufacturing ecosystem.

Together, the three CRCs will leverage more than $475 million in additional contributions from project partners and involve more than 220 organisations working across Australia, including small-to-medium enterprises, universities and government agencies.

Assistant Minister for Health and Aged Care Ged Kearney highlighted the importance of the Care Economy CRC, noting that “The care economy is Australia’s largest employer and is growing at three times the rate of total national employment.”

The CRC Program has been a cornerstone of Australian research and industry collaboration since its establishment under the Hawke Government in 1990. According to the government, CRC Projects return nearly $8 in economic benefit for every taxpayer dollar invested.

The latest funding round aligns with the National Reconstruction Fund’s priority areas, including medical science, renewables and low emission technologies.

Husic emphasised the program’s legacy: “Bob Hawke set up CRCs to team up our world-class know-how with the best brains in business. For decades they’ve delivered great results for Australians and for our economy.”

Picture: credit NSW Labor