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Promoting innovation precincts

There are many active and planned innovation precincts in Australia.

Successful innovation precincts:

  • encourage collaboration and innovation
  • promote sustainable economic growth and job creation
  • deliver business and social benefits
  • build on Australia's assets including world class universities, researchers and science infrastructure, highly liveable cities and range of competitive industries

Statement of principles for Australian innovation precincts

Based on research and consultation, the Statement of Principles for Australian Innovation Precincts provides best-practice advice to drive successful development of innovation precincts.

The statement emphasises the importance of:

  • local leadership in innovation precinct development
  • removal of barriers to align policy
  • building up capability and connections
  • coordinating skills development within innovation precincts

State and territory governments agreed to the principles at the COAG Industry and Skills Council meeting in April 2018.

Our stocktakes of Australian innovation precincts and supporting government programs supplement the Statement.

Collaborative approach

Innovation precincts are more likely to succeed when local leaders work with businesses, universities, science agencies, and governments to build on local strengths.

The Australian Government will work with innovation precinct leaders, state and territory governments, to promote best practice. The Government will:

  • consider innovation precincts and place-based approaches in regional and urban development
  • help innovation precincts market themselves better
  • work with state and territory governments to use existing networks, expertise and experience
  • encourage innovation precincts to share best practice
  • encourage innovation precincts to consider local industry needs
  • monitor the impacts of reforms and ongoing innovation precinct development
  • consider the case for further policy intervention

Guidance for innovation precincts

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Last updated: 5 April 2022

Content ID: 45426