The Victorian Budget 2021/22 includes $179.4 million to support stage one of the Fishermans Bend Innovation Precinct development, which will position the State at the forefront of global innovation in advanced manufacturing, engineering and design.

Fishermans Bend Innovation Precinct

This first step will involve remediation of the 32-hectare former General Motors Holden (GMH) site – an area equal to 15 MCGs – and the installation of crucial infrastructure and services to build an investment-ready precinct.

The Innovation Precinct is at the heart of the 230-hectare Fishermans Bend Employment Precinct, which is recognised as a strategically important employment and innovation cluster and is already home to world-renowned firms, including Boeing and Siemens.

The precinct will encourage collaboration between industry and academia, with the University of Melbourne leading the way in establishing a new engineering campus.

Fishermans Bend will house the University of Melbourne’s School of Engineering from 2024 and the Innovation Precinct is forecast to be capable of supporting up to 30,000 STEM jobs by 2051.

The precinct will cement Victoria’s status as a powerhouse of advanced manufacturing and support high-paid innovation jobs in defence, aerospace, clean energy and transport.

It will also strengthen the State’s capacity to commercialise new ideas and foster new business ventures.

Fishermans Bend is Australia’s largest urban renewal project, covering around 480 hectares that will be home to around 80,000 people and 80,000 jobs by 2050.

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