Major bank joins Lot Fourteen as worker numbers at innovation hub jump 25 per cent in a year

One of the big four banks is now financially involved at Lot Fourteen as employee numbers at the innovation hub surge.

Australia’s largest bank has joined forces with the nation’s first cyber collaboration centre at Adelaide's innovation precinct Lot Fourteen.

Meanwhile new figures show the number of business leaders and workers at the site has increased by about 25 per cent since January.

The interest in the site has the government confident it can next year add an additional 1000 workers and students at the precinct.

Currently about 835 workers and 35 students are at Lot Fourteen, where the population is expected to swell to 6000 over the next decade.

The Commonwealth Bank (CBA) will sponsor three programs, for an undisclosed sum, including the A3C Cyber Collaboration Centre aimed at protecting Australia’s businesses and residents from security risks.

CBA chief executive Matt Comyn, who toured the innovation precinct on Wednesday with Premier Steven Marshall, said the bank will support the cyber centre on a number of initiatives that “will ultimately secure Australia and support a prospering digital economy”.

An artist impression of Lot Fourteen, on the old Royal Adelaide Hospital site.

As part of the deal:

CYBER teams will connect with teachers and students in universities and schools in a bid to secure the sector’s future workforce needs;

BUSINESSES will be provided intel to help them understand the cyber security threats they face and how they can preparing for emerging trends; and

GLOBAL partners will help to solve the challenges Australians face and find innovative security solutions.

“Cyber security is a team sport and collaborations such as our A3C partnership demonstrate the impact we can have across industry and government when we work together,” Mr Comyn said.

Mr Marshall said the deal highlighted Lot Fourteen as a beacon of opportunity for those wanting to set up shop in SA.

“It is a place where businesses can collaborate, share research and grow,” Mr Marshall said.

“Despite the challenges we’ve faced due to COVID-19, Lot Fourteen has continued to attract national and international investment.

“This kind of growth is remarkable given how hard the pandemic has hit economies around the world and means South Australia is in an enviable position to claw back the jobs that were lost during the height of the pandemic and hopefully create even more.”

Lot Fourteen state project lead Diane Dixon said the value of the precinct’s strategic approach of focusing on high-growth sectors that build on SA’s existing strengths had been reinforced this year.

Lot Fourteen Community co-founders Brett Maitland Hicks and Sam Worrall Thomson. Picture: Renewal SA/Greg Adams

“The international events of 2020, including the COVID-19 pandemic, demonstrate that Australia needs to expand and develop its sovereign capabilities in sectors that we are already targeting at Lot Fourteen,” she said.

“These include defence and space and hi-tech industries such as cyber security, artificial intelligence and machine learning.

“These factors, combined with Lot Fourteen’s high profile, means the demand for tenant space has outstripped the supply.”

Ms Dixon said the demand will be partially addressed when refurbishment is completed in mid-2021 on the final heritage building, the Bice Building, which will provide

workspaces for about 200 people

“We have also had strong interest from national and international companies and organisations in taking up leases in the 16-storey Entrepreneur and Innovation Centre, with construction scheduled to start in the second quarter of 2021 and to be completed in 2023,” she said.

“This will provide workspaces for about 1500 people.”