The Turnbull Government has committed $31.9 million to setting up the industry-led Cyber Security Growth Centre, to increase and improve the nation’s cyber-security workforce.

The centre will work with industry and researchers under the leadership of Craig Davies, former head of security for software developer Atlassian.

It is expected to be operational early in 2017.

The centre is part of the Government’s $1.1 billion National Innovation and Science Agenda and the Cyber Security Strategy.

Dan Tehan, the Minister Assisting the Prime Minister for Cyber Security, says strong defences underpin the economy and are a major government priority.

“Cyber crime costs the Australian economy a conservative $1 billion annually,” he said.

Last year, “the global cyber-security market was worth $US74.5 billion ($99.41 billion), and it’s estimated it will be worth close to $US170 billion ($226.82 billion) by 2020”.

Industry, Innovation and Science Minister Greg Hunt says the centre will bring industry, researchers and governments together to “provide the foundation for development of the next-generation products and services needed to live and work securely in our increasingly connected world”.