The NSW government is establishing a new $703 million investment fund to support high-growth local businesses in the medtech, digital technology and clean economy sectors.
Treasurer Matt Kean announced the Future Economy Fund in Tuesday’s state budget as “a once-in-a-generation opportunity,” targeting the full lifecycle of innovative, high-growth companies in priority sectors and boosting productivity in emerging high-value industries. industries.
“We have a golden opportunity to leverage our industry-leading COVID-19 response and recovery, and outpace our competitors to drive globally competitive industries that build our state for the next generation,” he said.
“Major sectors of the global economy are changing rapidly as a result of technological advances, supply chain pressures, the impact of climate change and geopolitical tensions. With this commitment, New South Wales can lead the country and the region in proactively creating better jobs and industries.”
Enterprise, Investment and Trade Minister Stuart Ayres said the Future Economy Fund would consolidate previous funding routes to make strategic interventions throughout the lifecycle of a company and its products.
“From research and development and commercialization to business growth, upskilling and export opportunities, the Future Economy Fund will mean NSW is home to leading industries including quantum computing and biotech that provide meaningful career opportunities for generations to come,” he said.
“Whether it’s a homegrown Australian success story, a global player seeking a headquarters in Asia Pacific or a company or product entering a new market, this fund gives New South Wales 2 the opportunity to quickly trade and unlock new opportunities across a wide range of sectors and industries.”
The $703.4 million Future Economy Fund includes the following key program themes:
- $142 million in dedicated funding to drive R&D and innovation growth in sectors where NSW has a natural competitive advantage, such as quantum computing, and foster collaboration with universities, CSIRO and the private sector
- $342.4 million to drive support for the commercialization of products, services and emerging digital technologies in areas that will grow the economy and provide targeted support to research institutions, start-ups, scale-ups and small to medium-sized enterprises in NSW
- $219 million to accelerate growth and investment in priority industry sectors, such as modern manufacturing, medical technology and defense and aerospace, to deliver significant benefits to the economy, including through building local capacity, securing quality jobs and productivity gains to generate