As part of the 2022-23 budget, the NSW government announced the establishment of a new Future Economy Fund with a $703m commitment over the next 10 years.
The Treasurer announced that the fund will be put in place to support R&D and commercialisation activities that will grow the NSW economy. Part of the funds will be reserved to attract new international businesses to set up innovative businesses and regional headquarters in NSW – not exactly helping local technology companies and more like subsidies that used to be paid to the automotive manufacturers.
Good news in the announcement is that there will be additional support for emerging technologies being developed and commercialised in NSW and funding reserved for the government to support existing world-leading R&D where Australia has a competitive advantage, such as quantum computing.
Funding is expected to be managed through Investment NSW and is to be allocated in the following manner:
- $142 million for dedicated funding to drive R&D and innovation growth in sectors where New South Wales has a natural competitive advantage, such as quantum computing, and advancing collaboration with universities, CSIRO and the private sector
- $342.4 million to boost support for the commercialisation of products, services and emerging digital technologies in fields that will grow the economy and providing targeted support to research institutions, start-ups, scale-ups and small-to-medium enterprise sectors in NSW
- $219 million to accelerate growth and investment in priority industry sectors, such as modern manufacturing, medtech and defence and aerospace, to deliver significant benefits to the economy, including by building local capability, securing high-value jobs and generating productivity gain
Watch this space for further information as details of eligibility and funding criteria are released by the government.