NSW Future Industries Investment Program

The NSW Future Industries Investment Program will provide rebates for eligible expenses to businesses investing in NSW-based projects that boost the productivity of the NSW economy.

The level of rebates is not set and is determined on a case by case basis commensurate with the number of jobs created by, or the quantum of investment associated with the project.

Eligible projects under the NSW Future Industries Investment Program

For projects to be assessed as eligible they must:

Commit to:
creating a minimum of 20 ongoing net new FTE jobs in NSW within 2 years of starting the project, or
investing a minimum of $3 million capital expenditure (excluding funding from this Program) within NSW as part of the overall project.
Be in one (or more) of the following as listed in the NSW Industry Development Framework:
priority industry – either existing or emerging (see below).
an industry that facilitates the use of the core enabling technologies (see below), or
can demonstrate that it would enable a focus precinct (see below).
Commence within 12 months of all parties signing the Funding Agreement.
Have a minimum co-contribution of at least 50% of the total project cost.
Demonstrate that the project would not proceed as proposed in NSW without Government support.
Demonstrate how the project will lift industry productivity in NSW.

Examples of eligible projects include:

relocating business operation/s from outside NSW
provision of industry specific infrastructure that enables a target industry in a priority precinct
onshoring of activity currently done overseas to a NSW location
overseas or interstate company establishing operations in NSW
introduction of a new technology or process in existing NSW operations.

The Priority Industries or Technologies

Under the NSW Industry Development Framework, the priority industries are:

clean energy and waste
defence and aerospace
digital systems and software
medical and life sciences
international education
visitor economy
agriculture and agrifood

Under the NSW Industry Development Framework, the core enabling technologies are:

advanced manufacturing
biotechnology
digital technology including fintech.

The focus precincts are:

Westmead
Tech Central
Renewable Energy Zones
Hydrogen Hubs
Special Activation Precincts
Regional Job Precincts
Western Sydney Aerotropolis

Eligible Applicants under the NSW Future Industries Investment Program

Applicants can be both Australian and foreign businesses. They must :

Be an entity that employs at least 20 FTE employees at the time of the application and has been operating for at least three years.
Be an Australian Business Number (ABN) registered entity or commit to register for an ABN.
Be registered for the purposes of GST or commit to register.
Hold a bank account with an Australian Financial institution or commit to open one.

Eligible Project Expenses

All pre-approved expenses must be demonstrated to be critical to the success of the project and could include:

Capital works related to the project
Machinery and equipment
Externally provided staff training for staff who will be involved in the project
Infrastructure connectivity such as internet, roads, utilities
Information technology and data facilities
Set up costs for the business or project as approved
Project site rent.

Items that may not be considered could include (but not limited to):

Standard office equipment
Training that is delivered in-house
Costs already incurred in relation to the project
Costs of existing business activities
Research and development spend
Staff wages

Application Process

Applying for Future Industries Investment Program is a 2 step process.

Firstly is the Eligibility Stage. Applicants that pass the eligibility assessment will be invited to submit a detailed application.

Eligibility Applications close 5pm (AEDT) Friday 13 January 2023

To learn more click here

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