About the Framework
The Framework details how the NSW Government – working in partnership with the private sector, research institutions and other levels of government – will support the growth of priority industries.
Our vision is for increased prosperity through sustained economic growth. We will do this by creating:
More and better jobs
Creating job opportunities and improving the quality of jobs by ensuring workforce skills develop and adjust readily to changing demands in the labour market.
Globally competitive industries
Industries that capture the global market share and grow their markets.
A resilient economy
An economy with a diverse industrial base and adaptable workforce that has greater capacity to respond to economic shocks and recover rapidly by reallocating resources to capture new growth opportunities.
The Framework targets the industries and technologies most likely to deliver public benefits.
It builds on NSW's advantages to advance opportunities for faster economic growth and provide exciting opportunities for new, well-paid jobs and increased prosperity for all NSW citizens.
Emerging industries that generate significant positive spillover benefits for the broader economy and people of NSW are:
- clean energy and waste
- defence and aerospace
- digital systems and software
- medical and life sciences.
Existing industries with high trade exposure that are important in terms of their overall contribution to NSW Gross State Product (GSP) are:
- international education
- visitor economy
- agriculture and agrifood
Core enabling technologies
The existing and emerging industries above will be the focus of interventions that accelerate growth by enhancing innovation and the uptake of core enabling technologies:
- advanced manufacturing
- digital technology including fintech.
The existing and emerging industries above will be the focus of interventions that encourage growth in focus precincts.
Well-designed policy interventions support industry innovation, competitiveness and productivity. They are also designed to achieve long-term industry sustainability without the need for ongoing government support.
- Domestic markets: Strategic public procurement, and regulation and state-based branding and marketing campaigns.
- International markets: Trade facilitation and promotion.
- Skills: Vocational training and higher education, and training grants and wage tax credits.
- Production capacity: Investment attraction and facilitation, and supplier and value chain resilience and development.
- Technology: Research and development incentives, incubators and scale up programs. Regulatory reform facilitating industry innovations.
- Financial capital: Venture capital, small and medium enterprise (SME) finance schemes.
- Infrastructure: Cluster models, and infrastructure development, co-funding and provision.
While there are many policy levers available, the most appropriate lever depends on the underlying constraints and opportunities, and evidence of their significance in each industry.
The Framework sets out 3 key principles for developing industry strategies and cross-cutting technology programs:
- Transparent governance: Clear policy objectives, evidence of market failure, accountability, and effective administration to design and implement policy (including use of cost benefit analysis).
- Policy alignment: Alignment with other NSW Government policies and related Australian Government policies to avoid unintended consequences or duplication.
- Evaluation: Clear mechanisms to detect and correct problems with the design or implementation of industry policy and refine as circumstances change.
Have your say on the Industry Policy Green paper
The NSW Government is calling for public submissions to help shape industry policy to strengthen the state’s economic performance over the next decade.
Responses to the public consultation will inform the release of the first White Paper on Industry Policy for NSW, which will shape interventions to tackle key trends impacting NSW industries, ensuring they flourish in the future.
The Industry Policy White Paper will set the policy directions to underpin the state’s economic performance over the next 10 to 15 years. It will provide guidance and direction for new initiatives and enhancements to existing industry programs to ensure that the NSW Government’s industry policy continues to benefit the state’s economy and residents.
Download the Green Paper (PDF). Submissions may range from a short letter outlining your views on a particular question or issue, to a more substantial document covering a range of issues.
The consultation closes on Monday 6 June 2022.
Please send your written submissions to [email protected].