West Australia Unveils AUD 100 Million New Industries Fund
Labour Party Leaders & Western Australia Premier Mr Mark McGowan led Labor Government is delivering on its commitment to invest AUD 100 million to establish an Investment Attraction and New Industries Fund to support the State's economic diversification and find new opportunities in industries that are only just emerging. The fund will support industry assistance, attraction and grants across a range of emerging industries, including battery manufacturing, green steel and cyber security. It will also build on the McGowan Government's existing industry development initiatives such as the Renewable Hydrogen Strategy, the Future Battery Industry Strategy, and the New Industries Fund. The fund will strengthen the thriving innovation ecosystem in Western Australia, building global competitive advantages that create jobs for Western Australians and export market opportunities.
The IANIF will include AUD 16.7 million over four years to support innovation across the State, by accelerating new and existing SMEs to help diversify the economy and create new jobs. The fund will also provide an additional $4 million over four years for the space industry.
The funding is to grow Western Australia's space industry by attracting investment and providing support for start-ups and SMEs and will include funding for three staff to support space industry program development and outcome delivery.
The 2021-22 State Budget also includes funding to establish the WA Jobs Taskforce, a key commitment in the WA Jobs Plan that helps identify training and job creating opportunities in Western Australia, including in manufacturing, new industries and in regional communities.