The Innovation Fund will provide funding for projects to overcome barriers to employment for the most disadvantaged job seekers, including Indigenous Australians, people with mental health conditions, the homeless or those at risk of homelessness, and people from jobless families or who are living in areas of entrenched disadvantage. From 1 July 2009 the Government will be providing $41 million over three years for Innovation Fund projects.

On Tuesday 3 March 2009 the Minister for Employment and Workplace Relations, the Hon Brendan O'Connor MP, announced the organisations that have been successful in being appointed to the Innovation Fund Panel.

On Friday 6 March 2009, the Department called for submissions for the first round of project proposals under the Innovation Fund. Further information about submitting proposals is available from the Innovation Fund page.