Government programs supporting private-sector innovation

Why this is important

Innovation can improve productivity, leading to higher economic growth and incomes. 

In recent years the Victorian Government has committed to supporting innovation through its Innovation Statement (2021) and Economic Growth Statement (2024). 

There are several programs that aim to support innovation by private businesses. This includes the Breakthrough Victoria Fund, managed by the state-owned company Breakthrough Victoria. The Victorian Government originally committed $2 billion to this program. Other initiatives include those delivered by LaunchVic.

As innovation carries risks, it is important that government funding decisions are informed by sound decision-making frameworks and can demonstrate the achievement of value for use of public funds.

What we plan to examine

We plan to examine if government programs supporting business innovation are informed by sound decision-making frameworks and are achieving their intended outcomes.

Who we plan to examine

Department of Jobs, Skills, Industry and Regions

Breakthrough Victoria

LaunchVic