The Australian Chamber of Commerce and Industry (ACCI) has welcomed the announcement by Industry and Science Minister Ed Husic of $55million in funding to help Australian industries leading innovation.

Australia’s largest and most connected business network says the money will go into essential industries such as minerals and renewable energy.

ACCI chief of policy and advocacy David Alexander said it’s essential for governments to back innovative companies to become world leaders in their industry.

“Australia has a proud tradition of being at the forefront of innovation and technology. Just think of such pioneering developments as the cochlear implant or wi-fi technology,” said Mr Alexander.

“It’s pleasing to hear that such a large proportion of the industry partners funded through this scheme were small or medium-sized businesses.

“It’s a highly competitive program, and this just shows, once again, that SMEs are operating at the cutting edge of innovation in Australia’s economy.”

The money is being spread to innovative businesses throughout the country specialising in areas such as health, science, technology, mining, agriculture and renewable energy.

“This money is an investment into the long-term future prosperity of this country, and we should never lose sight of Australia’s ability to be world-leading in innovative industries.

“I congratulate the minister for announcing this investment and for backing companies taking risks in advancing new areas of science and technology,” Mr Alexander said.