Massachusetts Institute of Technology

The Hon. T.T. NGO (14:46): Supplementary: what incentive did the government provide to MIT to come here?

The Hon. D.W. RIDGWAY (Minister for Trade, Tourism and Investment) (14:46): Again, a wonderful question from the honourable member. What we provided was an exciting, visionary ecosystem. It's called Lot Fourteen; it's called a great Premier who has a vision for this state. We have a much greater ambition for South Australia than the former government ever had. We actually haven't given them anything. I said that before. We did not give them any money. BankSA are the funding partners and supporters, and Optus is a supporter.

MIT has come, and they are going to be domiciled at Lot Fourteen. They are coming here, they have developed a business model and they are going to take up some space there. There have been no inducements given to MIT, as far as I am aware. My department has been negotiating the arrangements with MIT and there could be some small amount of office rent but, when you are talking about a multimillion dollar deal over a number of years, it's insignificant if there is any office rent supplied.