Australian government will deliver a fund for the new Australian Institute for Nanoscience ( AIN) which will open in May 2015 to boost its research of nanotechnology, Minister for Innovation, Industry, Science and Research Kim Carr confirmed in a statement after breaking the ground for the new facility at the University of Sydney on Wednesday.

According to Kim Carr, lightning-fast communication, cutting- edge development of medical science and the ability to see further into space are among the benefits expected to flow from the new 130 million AU dollars (almost 120.4 million US dollars) facility.

The AIN project is a major new building combining research laboratories with teaching facilities to drive cross-disciplinary collaboration to develop nanomaterials and devices.

Kim Carr said the Australian government's 40 million AU dollars (almost 37 million US dollars) contribution, through the Education Investment Fund, to assist in the facility's construction will give Australian researchers the tools they need to pursue world-leading work.

"This building will help underpin future jobs growth in this country by being an important part of Australia's transformation into a knowledge-based economy," he said.

"Nanoscience is an element in building our future prosperity. Nanophotonics is already a strength for Australia, and AIN will increase our capability and build on our successes in quantum computing, memory devices and photovoltaic cells," he confirmed.

According to him, Nanotechnology is a transformative force for manufacturing and is predicted to be worth 3 trillion US dollars globally by 2020.

"Australia needs to stake a claim to our slice of that pie now, by building well-researched prototypes for the market. AIN will help make that happen and keep Australian research internationally competitive," he added.