The State and Federal Governments have agreed to allocate a total of $22.5 million in seed funding for the establishment of the Commonwealth Technology Park at the Melbourne Docklands.

The Park will be a joint venture between universities, research institutions, high technology companies, new and existing companies, incubators, small firms, large corporations, support services and government.

The venture will be commercially led, based around the high-tech industries in which Victoria and Australia have competitive strengths, such as information technology and telecommunications and biotechnology and health services.

The main objectives of the Park are:

• Commercialisation of innovative research and design
• Development of new high-tech industries
• High value-adding to products and services, particularly exports

The Park will be built on the northern side of Victoria Dock adjacent to the proposed Theme Park and Film Studio.

The entire 220 hectare Docklands development is expected to be completed by 2010.