State budget to deliver job growth for NSW
24 June 2015
The 2015-16 Budget will boost the NSW economy and deliver job growth by injecting funds into the State's infrastructure, services, regional development and industry sectors.
Over the last year, economic activity in NSW has grown faster than in any other State. We have the strongest economy in Australia, with cranes visible right across the skyline – in the cities as well as across our regions. With a boost from the Budget, our State will continue to lead the nation in creating jobs and providing better services.
$77 million investment in regional NSW
The Budget will deliver a $77 million investment in regional NSW to provide the infrastructure, services and jobs to offer more opportunities for our local communities, Minister for Regional Development John Barilaro said.
A further $20 million will be invested in the Regional Industries Investment Fund (RIIF) to attract companies, create new jobs and grow regional NSW, ensuring we continue to be the most diverse regional economy in the country.
The regional development 2015-16 Budget supports initiatives to create jobs, drive economic growth and deliver the services that will unleash the economic potential of regional NSW.
Highlights for regional infrastructure, services, and jobs
Major projects in the 2015-16 Budget include:
- $26 million over three years to help families, businesses and emergency services connect under the Mobile Black Spot initiative that will encourage telecommunication providers to invest in regional areas.
- $31 million for new and approved applicants to be supported from the Murray-Darling Economic Diversification program over 2015-16 and 2016-17.
- The continued $110 million investment in the Regional Tourism Infrastructure Fund will deliver tourism infrastructure projects to increase economic opportunities in regional NSW.
- The NSW Cross-Border Commissioner comprehensive Business Plan for 2015-18 includes enhanced collaboration between Government, community and business, increased regional investment, and less regulatory burden on businesses.
The RIIF initiative has been able to support projects that have delivered over 10,000 jobs and $1.5 billion in investment for regional economies.
$49 million to drive industry and jobs
Minister for Industry, Resources and Energy, Anthony Roberts, said the NSW Budget will deliver $49 million in 2015-16 to help grow jobs and the State's economy.
Mr Roberts said NSW is now the nation's hub for global high growth sectors including financial services, business technology, creative industries and advanced manufacturing.
"From 1 July, a new Department of Industry will begin operating with a clear focus to build and support NSW businesses," Mr Roberts said.
Private sector expertise will be leveraged to ensure this funding is used to deliver the greatest economic and employment impact for the state.
The 2015-16 NSW Budget allows the NSW Government to deliver on its commitment to create 150,000 jobs over the next four years and aggressively pursue businesses from interstate and overseas to move to NSW.
The Jobs Action Plan, which has so far helped create more than 100,000 jobs in NSW, ensures that businesses that create a new position receive a $5,000 payroll tax rebate on that position.
For the first time, the NSW Government will offer incentives for small businesses to create new jobs through the introduction of a new small business grants (employment incentive) scheme in NSW.
Highlights for industry and job growth
Other highlights of the 2015-16 NSW Budget include:
- $18 million in funding for the Research Attraction and Acceleration Program during 2015-16;
- Ongoing support for the Innovate NSW program which supports small and medium enterprises to collaborate with industry and end-users to develop leading edge products and services;
- Ongoing support in 2015-16 for five industry-led Knowledge Hubs to deliver new projects to drive collaboration and innovation in key industry sectors; and
- Ongoing support and evaluation of outcomes for five Government supported Smart Work Hubs, which enable residents in Western Sydney and on the Central Coast to work remotely, saving them time and money.