Michael Keenan (Stirling, Liberal Party) Share this | Link to this | Hansard source

Once again, I have the privilege to speak about yet another company in my electorate of Stirling that has been able to take a relatively simple idea and with hard work and ingenuity has turned it into a world first. Since 2004, I have been proud to announce that the Australian government delivered innovation grants worth close to $4 million to my local area, and for the three companies that have received the grants there are amazing stories attached to each of them.

The first company comprises a group of engineers who met in their backyard garage in Balcatta and who have essentially been responsible for creating a state-of-the-art safety device that monitors the structural integrity of aircraft. Both Airbus and Boeing have taken a great interest in that development. Another company comprises a group of scientists who took a common weed and extracted an anticancer drug out of it that is now being commercialised and can attack even late stage cancers.

The latest company to receive $1.6 million by way of a Commercial Ready grant is going to further develop its groundbreaking translating bifocal contact lens. Benora Pty Ltd has developed the triton translating bifocal contact lens using new moulding technology and advanced soft lens material to achieve the best compatibility with corneas.

It was first developed by Mr Donald Ezekiel, who is a well-known and respected local optometrist who had the simple idea for this lens more than 10 years ago. That idea is now a patented bifocal contact lens and is designed to meet a rapidly growing market segment of more than 110 million contact lens wearers in a market that is currently estimated to be worth about $4 billion worldwide.

The $1.6 million grant provided by the Australian government will be used to conduct further research and development as well as to help commercialise the lens so it can become market ready. This will mean the company will be able to employ more local staff and import global technology never before seen in Australia. It is a great example of an innovative local company and local people turning a very simple idea into a successful global product.

These companies are key drivers of jobs, exports and economic growth in our region, and I had the pleasure of visiting Benora Pty Ltd last week and was very impressed with what I found. There is an enormous amount of ingenuity right here in our own backyard and the Australian government is to be commended for backing these dreams and turning them into internationally respected technological advancements. I very much look forward to monitoring the success of this innovation and this locally based company that employs local people and that is working to commercialise its product and have an impact on the global market. (Time expired)