NSW budget will help Investment NSW drive job creation and improve productivity
The NSW Government 2022-23 Budget has delivered important initiatives across a range of Investment NSW portfolio areas, from R&D and innovation growth to advanced manufacturing and medical technology
Investment NSW CEO Amy Brown said the NSW Budget 2020-23 will help Investment NSW further its goal to achieve economic and social benefits for the people of NSW by growing the state’s economy and making NSW a prosperous, inclusive and a thriving global hub for business, innovation, talent, visitors and residents.
“This year’s Budget will help shape Investment NSW’s work over the coming year and beyond. It will deliver significant support to further our work building vibrant and thriving communities, while transforming the economy for ongoing strength and sustainability,” Ms Brown said.
- The $703.4 million Future Economy Fund, which includes:
- $142 million for dedicated funding to drive R&D and innovation growth in sectors where NSW has a natural competitive advantage, such as quantum computing, and advancing collaboration with universities, CSIRO and the private sector
- $342.4 million to boost support for the commercialisation of products, services and emerging digital technologies in fields that will grow the economy and providing targeted support to research institutions, start-ups, scale-ups and small-to-medium enterprise sectors in NSW
- $219 million to accelerate growth and investment in priority industry sectors, such as modern manufacturing, medtech and defence and aerospace, to deliver significant benefits to the economy, including by building local capability, securing high-value jobs and generating productivity gains
- $72.2 million in capital expenditure for the development of the RNA Pilot Manufacturing Facility
- $12.5 million for RNA R&D Initiatives ($119.1 million over 10 years) to accelerate the translation of RNA research into new products, services and jobs
- $10 million to boost female-founded and co-founded startups, providing women with more opportunities to finance their businesses and take them to the next level.