The Morrison Government is backing Australia’s cyber security sector to grow and create new jobs, with businesses to share in up to $8.5 million in funding.

Announcing the opening of the second round of AustCyber’s Projects Fund, Minister for Industry, Science and Technology Karen Andrews encouraged companies that can make a significant contribution to the sector to apply.

“Australia’s cyber security industry is continually growing and this funding will further boost our ability to become a global leader in the field, creating more Australian jobs while also making the nation more cyber resilient,” Minister Andrews said.

“According to a report released by AustCyber last year, the global cyber security market is projected to be worth almost US$250 billion by the year 2026.

“This funding will assist the cyber security industry to upskill and expand the sector, and harness the enormous opportunities available to Australia.

“The Morrison Government is committed to supporting the cyber security industry to reach its full potential by capturing a significant share of the global market and creating jobs for the future.”

Matched funding for individual projects ranges from $100,000 to $3 million, totalling up to 50 per cent of eligible project costs.

Previous funding of $6.5 million has resulted in many innovative advancements, including unique smart barcode technology that enables people to identify and verify the quality of products they buy through their smartphone, and technology that allows for independent authentication of personal data stored and managed on mobile devices.

AustCyber was established in 2017 as part of the Australian Government’s Growth Centres Initiative.

The Industry Growth Centres are part of the Coalition’s plan to drive innovation and productivity to grow the economy and create 1.25 million new jobs over the next five years.

Applications close on Friday 12 July. For more information on the AustCyber Projects Fund visit www.austcyber.com/grow/projects-fund