To ensure the projects remains in the hands of the Victorian research institutes, a $9 million investment will be announced to fund start-up companies.
It is a major step for the country’s scientists who have struggled to gain financial support for their projects and research.
Following years of investigation the vaccine against peanut allergies will receive $4.85 million from the allocated funds to boost its development.
According to Professor Robyn O’Hehir the vaccine will use safe fragments of the peanut protein to potentially cure the condition.
Meanwhile, a drug which intends to extend the quality of life for heart-failure patients is also being developed in Melbourne.
The medication, which can be taken at home, targets late-stage heart disease symptoms including shortness of breath, fluid build-up and exercise intolerance.