Australia's synthetic biology sector appears set to bolster the economy by billions in coming decades. 

CSIRO, alongside Main Sequence Ventures (founded by CSIRO in 2017 to address the funding gap between research and commercialisation), has unveiled a report projecting the synthetic biology industry's capacity to generate up to $30 billion annually and create over 50,000 new jobs by the year 2040. 

This field, which merges engineering with genetic technologies, promises to revolutionise various sectors by designing and creating novel solutions from life's fundamental components.

The Synthetic Biology National Progress Report, an update to the 2021 National Synthetic Biology Roadmap, has revised its forecasts upward from an earlier prediction of $27 billion in revenue and 44,000 jobs. 

This optimistic adjustment follows a robust influx of capital, with Australian synthetic biology start-ups securing over $363 million in funding over the past three years. 

Agriculture and food applications have emerged as the most funded sectors, attracting over 45 per cent of the startup initiatives and $290 million in investments.

Greg Williams, leading CSIRO's Health and Biosecurity Futures, has highlighted the nation's efforts in nurturing a vibrant synthetic biology research and development ecosystem, backed by $44.5 million in research grants over the last three years. 

“Federal and State governments have bolstered outcomes by establishing support programs to translate research into commercial activity, seed new businesses, and develop shared infrastructure,” Mr Williams says.
“Our analysis shows that Australia has continued to foster a strong synthetic biology research and development ecosystem.

“However, more still needs to be done to strengthen the ecosystem through international collaboration and domestic leadership, governance and skills,” he said.

The report provides updates on Australia's steps towards ten recommendations from the National Synthetic Biology Roadmap, noting significant achievements in research commercialisation and infrastructure investment. 

However, it calls for more effort in attracting international collaborations and talent to strengthen the sector's leadership and governance.

Gabrielle Munzer, a partner at Main Sequence Ventures, has underscored the transformative potential of synthetic biology. 

“Since 2021, we have supported over a dozen pioneering companies that are engineering biology to tackle pressing needs like food scarcity, agriculture, and waste remediation,” Ms Munzer says. 

“Together, these companies have raised over $100 million in funding and created 135 jobs to date.

“This is only the beginning and synbio remains a largely untapped opportunity. With the right partnerships across industry, government and academia, we can accelerate the development of synbio products and solutions to provide social, environmental; and economic benefits.”