The McGowan Labor Government is delivering on its commitment to invest $100 million to establish an Investment Attraction and New Industries Fund (IANIF) 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 $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.
As stated by Premier Mark McGowan:
“My Government is delivering on our WA Jobs Plan by investing in local manufacturing and production and emerging industries to create local jobs.
“Creating jobs has been, and always will be, my number one priority – and my Government has a proven track record of honouring this commitment to the people of WA.
“Despite the major economic shock caused by COVID-19, the WA economy has roared back to life, but there is more to do.
“This investment will help diversify the State’s economy by supporting new and emerging industries to deliver the WA jobs of the future.”
As stated by State Development, Jobs and Trade Minister Roger Cook:
“As we have seen over the past few months, Western Australia is at the forefront of developing exciting and innovative projects.
“Launching WA’s first spacecraft at Cape Canaveral was an exciting venture and is the kind of project we can continue to develop with State Government support.
“The McGowan Government’s strong financial management over the past four and a half years means we can develop funds like the Investment Attraction and New Industries Fund for investment attraction in Western Australia.
“New and emerging science and innovation businesses should be buoyed by the McGowan Government’s commitment to the industry in this year’s State Budget.”
As stated by Innovation and ICT Minister Don Punch:
“The continued funding support for innovation highlights the State Government’s commitment to diversifying our economy and creating more jobs for Western Australians.
“The McGowan Government will continue to deliver initiatives to build State-wide capability, support and accelerate new and emerging businesses, and encourage innovation to thrive.
“The IANIF focuses on the current and future-ready workforce to optimise WA’s position in the global marketplace and deliver economic and social benefits for the whole community.”