New Grants released in the 2022 – 2023 NSW Budget

The 2022 – 2023 NSW Budget announced this week has opened up some new opportunities for NSW based business owners to access grant funding from the Government.

The new Future Economy Fund

The Budget includes $703.4 million for a Future Economy Fund to drive growth in emerging high-value industries such as digital technology, medtech and the clean economy. The Future Economy Fund will include the following themes:

$342.4 million to boost support for the commercialisation of products, services and emerging digital technologies in fields that will grow the economy and provide targeted support to research institutions, start-ups, scale-ups and small-to-medium enterprise sectors in NSW.
$219.0 million to accelerate growth and investment in priority industry sectors, such as modern manufacturing, medtech, defence and aerospace, to deliver significant benefits to the economy, including by building local capability, securing high-value jobs and boosting productivity.
$142.0 million of dedicated funding to drive research and development and innovation growth in sectors in which NSW has a natural competitive advantage, such as quantum computing, and advance collaboration with universities, the CSIRO and the private sector.

Expanding the Regional Growth Fund

The following funding is included in the budget:

$230.0 million to support tourism development projects and enabling infrastructure, leveraging recent significant growth in regional tourism and supporting job creation.
$100.0 million for the Regional Job Creation Fund to support NSW businesses to grow and incentivise interstate and international businesses to invest in regional NSW.

Other investment in regional NSW includes:

$145.0 million to establish the Regional Investment Activation Program to make regional New South Wales the location of choice for investors, facilitating new private sector investment to activate the potential of priority precincts and industries.
$9.0 million for a Regional Concierge Service to attract key workers to the regions, focusing on factors outside work that influence a person’s decision to live and work in regional areas.

Renewable Energy

Funding in the budget includes $250.0 million over five years for grants to businesses to competitively manufacture components for renewable energy infrastructure, electrolysers, electrification of plant, and electric vehicles.

Now we need to wait till these programs are released and we get more information about accessing them.

Reach out to me if you are based in NSW and would like some free or subsidised business advice.

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