Jobs for NSW - funding for startups and SMEs
Jobs for NSW is a private sector-led and NSW Government-backed initiative which aims to make the NSW economy as competitive as possible and therefore help create new jobs across the state.
The initiative will help deliver on the NSW Government's election commitment to create 150,000 new jobs in the four years to March 2019.
Launched in August 2015 at Stone & Chalk, Jobs for NSW is led by a board that includes some of the best business and entrepreneurial brains in Australia. The board is chaired by David Thodey, former CEO of Telstra and Chair of the CSIRO Board.
The board oversees the Jobs for NSW fund which was created to meet the NSW Government's commitment to provide $190 million over four years to attract and grow businesses.
Jobs for NSW represents an innovative new approach to tap the insights and knowledge of leading private sector minds to help drive government policy to grow the economy and create jobs.
To support regional growth, a minimum 30% of the fund will be allocated to regional and rural areas.
Jobs for NSW has developed an assessment framework to guide investment in job creation projects in New South Wales. For more information, view the media release on the assessment framework.
The new framework ensures that Jobs for NSW funds projects that lead to genuine new jobs and require government investment to help address barriers to growth.
The assessment framework allows flexibility to invest in a range of different job creation initiatives that are aligned with the Jobs for NSW agenda and supported by robust appraisals.
A staged approach
Businesses requesting Jobs for NSW investment will now move through a staged approach:
- Working together - Businesses are encouraged to work with our new Client Engagement Team to discuss the opportunity, commercial viability of the project, and fit with Jobs for NSW framework.
- Initial Strategic Assessment - Proposals that are developed sufficiently will be put forward for an Initial Strategic Assessment. This stage will evaluate if the project creates additional jobs, and presents a case for Jobs for NSW investment.
- Full Assessment - Proposals that are progressed will then undergo a Full Assessment. The Full Assessment will further test strategic criteria, as well as provide a range of best practice benchmark indicators such as benefit per dollar of Jobs for NSW investment, or the cost of assistance for each new job. Each stage will require appropriate data to support assessments.
- Approval - Following a Full Assessment proposals will be reviewed by the Jobs for NSW CEO, with recommendations made to the Jobs for NSW Board before final approval by the Minister.
Jobs for NSW is currently working with business and government to explore innovative and new ways to support industry and business segments that demonstrate the greatest potential for jobs growth. The new assessment framework is designed to accommodate priorities identified by Jobs for NSW in the future.
If you believe you have an opportunity or proposal that will lead to new jobs and require Jobs for NSW investment to address barriers to growth we encourage you to contact our Client Engagement Team
Changes to funding arrangements
The Jobs for NSW fund replaces the existing State Investment Attraction Scheme (SIAS) and Regional Industries Investment Fund (RIIF). Current funding agreements under SIAS and RIIF have continued under the terms of those agreements.
Other funding initiatives
The Jobs for NSW fund will complement and support the following funding initiatives which are part of a broader $678 million, four-year investment by the government in jobs growth:
- Jobs Action Plan: provides NSW businesses with a $5,000 payroll tax rebate when they employ new workers in new eligible employment. This scheme has been extended until 30 June 2019.
- $2,000 Small Business Employment incentive: provides a grant of up to $2,000 for non-payroll tax paying small businesses when they hire new employees from 1 July 2015.
- $25 million Jobs of Tomorrow Scholarship Fund: provides 25,000 scholarships for students undertaking qualifications for technology and growth jobs.