The NSW government will invest $12.5 million to boost the number of scientists, students, start-ups and industries at a key hub of innovation in Sutherland Shire.
Funds will support the expansion of the Innovation Precinct at the Lucas Heights campus of the Australian Nuclear Science and Technology Organisation (ANSTO).
This innovation precinct aims to bring together community and global field experts.
It will include a next-gen nuclear medicine cluster, to knowledge-share and advance the development of diagnostics and therapies to progress the treatment of cancer and other diseases.
Money will also be spent on a graduates centre, including 25 new scholarships, aimed at growing advancing technology businesses in NSW.
ANSTO chief executive, Adi Paterson, says this means more jobs in the community, alongside significant medical and technological advances that will benefit all Australians.
"ANSTO is a world-leading nuclear research facility - the ground-breaking technology being developed here is amongst the best across the globe," Dr Paterson said.
"The thing with ground-breaking techniques and technologies is that you have to keep breaking the ground, and for that you need investment.
"The support from the NSW government will advance the development of nuclear medical technology and also boost the local economy, with the potential for 5000 additional jobs to be created in the broader precinct over coming years.
"It will be a place where research and industry meet, to ensure that what happens in a lab or at a science facility is developed into real outcomes that benefit all Australians."
In February this year, the government committed the money to back the expansion of the nandin deep technology incubator - the first nuclear science and technology incubator in the world.
"With a vision for this scale, you have to start somewhere, and that is nandin," Dr Paterson said.
"This funding will evolve nandin into a full-service innovation hub to enable research by design, collaboration, innovation and entrepreneurship."
Minister for Better Regulation and Innovation, Kevin Anderson, met key research scientists and founding businesses at the facility this week.
He also met with the founding members of the nandin Deep Technology Incubator who are start-ups working across a range of industries including advanced manufacturing and smart technologies, defence, health and cyber security.
"Our commitment to ANSTO's Innovation Precinct and the nandin deep technology incubator is a reflection of the importance of technological advancements to improve human health and grow industry and jobs," he said.
"The investment into a world-class precinct for business, students, scientists, and startups will ultimately end up delivering improved treatments for cancers and other diseases.
"And this initiative will prove to be the training ground for the next generation of scientists and engineers. We are talking about the smart jobs of the future right here in NSW."