Minister for Business Tara Cheyne on Canberra’s uncharted territory
Minister Tara Cheyne
We interview Minister Tara Cheyne, whose portfolio responsibilities include ACT Minister for Business and Better Regulation, Minister for Multicultural Affairs, and Assistant Minister for Economic Development, about Canberra, innovation, business, and the economic outlook.
Question: We’ve had an interesting decade as we’ve been testing the Canberra Innovation Network. Where do you see Canberra in the next five and 10 years? What opportunities will there be for Canberra?
Canberra Switched On
I want to start by talking about our economic strategy Canberra Switched On. The name (switched on) is deliberate and is a nod to our past and our future. The connotations associated with switched-on reflect us as a city: knowledge, ideas, lightbulbs.
We have an engaged population and many outstanding success stories, several of which Nick McNaughton included in his article Canberra as an Innovation Powerhouse. That article highlighted the many people involved in Canberra’s early innovation ecosystem. Nick’s article highlighted that, for some, they might now say, ‘Well, everyone’s done their job, and it will all go on from here’. But the opportunity now is to build on those wins, see what else we need to unlock, and keep telling those stories – including reaching people in new ways.
What that means in practical terms for Canberra is more venture capital, a new $10 million fund and fund manager by the end of the year, and more support for the Canberra Innovation Network (CBRIN). CBRIN’s work in adding $100 million to Canberra’s economy and creating 400 jobs is extraordinary, and our economic strategy considers what more we can do to increase it.
Social Entrepreneurship
We want to identify and support burgeoning industries or sectors that are associated with our values as a government. We want to foster sectors that are inclusive, social, or progressive, and the obvious sector is social enterprise. We have already indirectly funded this through The Millhouse Ventures, including its accelerator program GRIST. But we want to find more opportunities in areas that haven’t historically had direct ACT government funding or haven’t been featured as much in our public messaging as cyber advanced technology or space tech.
Winter Innovation Festival – Uncharted Territory
“We don’t know how it will go, but it is certainly worth trying”
Our Winter Innovation Festival, Uncharted Territory, will take place from 7 to 16 July. The festival speaks to our knowledge economy and willingness to try new things, and to share our supportive, values-based, progressive, and driven ecosystem. The festival will be a test for our government. We don’t know how it will go, but it is certainly worth trying. Given this city’s interest in events, I think it will be a worthwhile endeavour through which we can tell stories and attract new people and investments.
Spacetech
Question: The city has grown from being a centralised innovation ecosystem to being too large to contain a single hub. While CBRIN will remain the nexus of everything we do, there are many sector-specific capabilities. What do you view as the space tech opportunity for the city?
“ The value of our innovation sector, our competitive advantage, is that we are willing to support each other and share ideas”
We’ve seen the almost immediate value of the cyber hub, which has brought together anyone from those with a vague interest to those who are heavily involved in one spot in a way that’s easily navigated.
We will be expanding those hubs, including space. I have no words for just what Skykraft has been able to achieve in such a short time, including its satellite launch in January. It’s inspiring that one Canberra company operating down the road could immediately surpass Australia’s existing capability and load in space through that launch. What I love about Skykraft is they are an organisation that believes in sharing, with (CEO) Dr Michael Frater also involved in the cyber hub.
The value of our innovation sector, our competitive advantage, is that we are willing to support each other and share ideas. There is no fear of cannibalisation of staff, ideas, or opportunities. There is a real sense that this is a pool that is growing, and there are opportunities for everyone. Space is coming into that in a big way.
National Reconstruction Fund and innovation agenda
Question: The National Reconstruction Fund has recently passed both houses of parliament, and Federal Minister for Industry and Science Ed Husic has a grand vision over the next decade where the Government sees science at the core of the evolution of the Australian economy. How do you see the opportunity for the ACT?
The opportunities that are now presented to us are remarkable. The ACT Government and the ACT innovation sector have a symbiotic relationship. Industry hasn’t been dragging the ACT government along, and the government hasn’t been dragging industry along. Both have been progressive and have wanted to do more and have stretched and supported each other to do that. However, for many years industry and government at the federal level were not aligned in the same way.
We now have federal ministers in portfolios they are passionate about, that they’re trained in, that they’re excited about and that they want to see change and progress in.
The National Reconstruction Fund will provide $15 billion dollars to fund progressive areas to bring real change, including areas where ACT businesses have been comfortably operating for decades. This will unlock opportunities, and we’re excited to see how the design goes and where funds are allocated.
Question : How is the ACT Government’s aim of growing to 500,000 citizens by 2030 going?
We know we are growing rapidly. The 2021 census data showed just how rapidly, with a 5 per cent upgrade to the ACT population compared to the ABS’s Estimated Resident Population. A growing city means investing in growing services and infrastructure, which we are continuing to do. That means more police, nurses and teachers - noting we are in a full employment environment – and transport and services that ensures our city remains one of the world’s most liveable.
Housing affordability
A challenge for us, as with other States and Territories, is housing and affordable housing. For a city so attractive, with some industries and businesses growing exponentially, we need to make sure people with the skills we need don’t decide to move elsewhere in search of affordable housing. We are undertaking a major reform through the draft ACT planning bill. We’re looking at things like smaller, medium-density homes such as terrace-style houses, smaller backyards, and places where people can still feel connected to their jobs and work. We’re releasing more land. However, there is finite land available in the ACT. If we release land that is further out, we need to build more infrastructure and that increases costs.
One of the solutions is the build-to-rent scheme that incentivises developments. We’ve seen a good response. It will take a little while, but not too long, for the benefits of that to start being realised.
Doing business in Canberra
Question: Why is Canberra such a good place to do business?
“It’s the connection and relationships. It’s that ecosystem, the support and inclusion.”
It’s the connection and relationships. It’s that ecosystem, the support and inclusion. On inclusion, to me, it means a city that isn’t afraid to share. A city where it’s okay to fail, and I think it’s important for a culture of innovation that it’s okay to try new things. And if the market isn’t adopting it, it also has few barriers to exit so that something else can be tried or take another job or whatever it may be. But if you’ve got that idea, that you feel like there is an environment that you can do that.
A welcoming and inclusive city
And then I think it’s about the work we’ve done with our multicultural communities. We’ve been clear about being a refugee welcome zone and a welcoming city. We’ve just been told that Canberra is on track to receive advanced accreditation as a welcoming city by the middle of the year. Receiving this is important to me as Multicultural Affairs Minister. It’s not just about saying we’re a welcoming city; we had to produce a body of evidence to prove it and be independently assessed.
We also believe in supporting marginalised communities. We’re particularly progressive in being a welcoming city for the LGBTQ+ community.
We’ve recently reformed our discrimination laws, introduced a positive duty, and made it harder for people to discriminate against others.
“When you are a welcoming and inclusive city, it unlocks further opportunities.”
When you are a welcoming and inclusive city, it unlocks further opportunities. When you feel welcome and included, it makes it (Canberra) an attractive place to be in and to work in. You can focus on the things that matter and thrive.
Q: Given uncertainties in the economic climate, what are the economic prospects for the ACT?
The ACT has enjoyed 32 years of economic growth. The ACT has stood the test of time – including when the economy elsewhere in Australia hasn’t performed as well – and all indicators for the ACT’s economy are strong. Last year [2022 calendar year], an additional 1,600 businesses started up, representing a 5.12 per cent increase from the previous year, the highest rate of increase in the country. I think this speaks to the confidence people have in the ACT.
