The budget allocation will be spread as 2.6 million AUD in 2018-19, 2 million AUD in 2019-20, 2 million AUD in 2020-21, and 2.1 million AUD in 2021-22.
"It reflects the long-term and strategic approach that is needed for Australia to benefit from science and innovation at a global scale".
"However, land transport infrastructure commitments over the forward estimates have declined since last year's budget, at the very time that funding needs to increase if we're going to relieve the strain on existing transport assets as our population booms".
Australian fintech will get a boost from the 2018-19 Budget, with a number of measures announced to support the enhancement and promotion of the industry.
The Fund will also include A$500 million, spread over 10 years, for the Genomics Health Futures Mission.
It also includes 10-year investments of $248 million for rare cancers and diseases and $125 million for the Million Minds Mental Health Research Mission to support more research and better diagnosis and treatment of mental illness.
He further said, 'As the country's university, we are hoping to play a crucial role in the establishment of the agency'.
"'That was nearly two years ago, and as this budget shows, the Government is yet to take up the opportunity to come up with any meaningful policy initiatives or plan for our industry or the creative industries more broadly".
The $140 million will be spent on upgrading two supercomputers, housed at the Pawsey Supercomputing Centre in Perth and the National Computational Infrastructure facility at the Australian National University in Canberra.
Austrade, the government department that spruiks on behalf of local exporters, will enjoy a $3.2 million increase in funding, specifically for the rollout of a new national brand.
A $25 million research initiative on Artificial Intelligence and Machine Learning including new collaborative research delivered through the Collaborative Research Centres program, and a strategic roadmap and an ethics framework led by CSIRO's Data 61.
Medical research has been given a boost with A$1.3 billion under the 21st Century Medical Industry Growth Plan for the progress of medical technology, biotechnology and pharmaceuticals while improving health outcomes for all Australians through investments in medical innovation. The road map recommended supporting the development of advanced microscopes, new types of instrumentation, and device fabrication techniques to support research in materials science, biology, medicine, and the environment. The program is predicted to have the potential to revolutionise health care by enabling more accurate diagnosis and treatment.
Changes to the R&D Tax Incentive that will improve transparency and accountability of the Government's largest single research program, and provide better incentives for Australian and worldwide companies to invest in cutting-edge research and innovation in Australia.