“We are very pleased to see clear recognition from Government of the central role universities play in productivity, prosperity and boosting sovereign capability as part of this initiative,” Ms Jackson said.

“Australian universities have a strong record of collaboration with industry partners, and the benefits this brings to the economy. We know that for every dollar invested in research, $5 is returned to the economy.”

“Now more than ever, investing in university research will ensure that the best and brightest can play their role in our nation’s recovery from the pandemic.”

“Universities have been working closely with Government as they develop a research commercialisation plan, and we understand this announcement is part of that.”

“We look forward to seeing further details of this initiative, as well as the Government’s full research commercialisation plan.”