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The Queensland government has tipped a further $55 million into its venture capital funding program, partnering with big-name investors to develop local startups and keep them within the state's borders.

The fund will offer matched funding grants of between $500,000 and $2 million to established SMEs to undertake projects in regional Queensland.

The Enterprise Acceleration Fund will invest in innovative, early-stage Queensland companies by supporting increased access to investment capital and jobs growth.

SMEs are set to benefit from a deduction in payroll taxes in the Queensland budget, while big businesses will pay a mental health levy.