Singapore: Australian government will deliver a fund for the new Australian Institute for Nanoscience (AIN), which will open in May 2015, to boost its research of nanotechnology, said Senator Kim Carr, minister for Innovation, Industry, Science and Research, in a statement to press.

Lightning-fast communication, cutting edge medical science and the ability to see further into space are among the benefits expected to flow from the new $120.4 million (130 million Australian dollars) Institute for Nanoscience (AIN), when it opens in May, 2015, said Senator Carr, as he broke the ground for the new facility at the University of Sydney.

"This building will help underpin future jobs growth in this country by being an important part of Australia's transformation into a knowledge-based economy," Senator Carr said. "The AIN project is a major new building combining research laboratories with teaching facilities to drive cross-disciplinary collaboration to develop nano-materials and devices," he added.

"Nanoscience is an element in building our future prosperity. Nanophotonics is already a strength for Australia, and AIN will increase our capability and build on our successes in quantum computing, memory devices and photovoltaic cells," Senator Carr said.

"Nanotechnology is a transformative force for manufacturing and is predicted to be worth three trillion US dollars globally by 2020. Australia needs to stake a claim to our slice of that pie now, by building well-researched prototypes for the market. AIN will help make that happen and keep Australian research internationally competitive," he remarked.

Senator Carr said AIN will increase the country's research capability by bringing together world-class nanoscience researchers across three main areas: New medical diagnostics and therapies combining quantum technology with imaging and drug delivery and solutions such as a fully implantable bionic eye; faster, more secure and more efficient communications based on photonics and quantum science technologies; and revolutionary optical instrumentation to explore the frontiers of our universe, along with faster data processing technologies for the SKA.