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Western Australia

WA Government invests $100M to support emerging industries

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WA Government invests $100M to support emerging industries

As part of its 2021-22 State Budget, the WA Government is investing $100 million to establish an Investment Attraction and New Industries Fund (IANIF), supporting the state’s economic diversification while finding new opportunities in emerging industries. 

 “My Government is delivering on our WA Jobs Plan by investing in local manufacturing and production and emerging industries to create local jobs,” Premier Mark McGowan said. 

“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.” 

The Fund will support industry assistance, attraction and grants across a range of emerging industries such as battery manufacturing, green steel and cyber security. 

State Development, Jobs and Trade Minister Roger Cook stated that Western Australia was 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,” Minister Cook said. 

“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.” 

The Fund will also build on already existing industry development initiatives such as the Renewable Hydrogen Strategy, the Future Battery Industry Strategy, and the New Industries Fund. 

Innovation and ICT Minister Don Punch stated that the Fund focuses on the current and future-ready workforce in order to strengthen the state’s thriving innovation ecosystem.  

This, in turn, will build global competitive advantages and deliver economic and social benefits for the whole community. 

A $16.7 million will be provided over four years to help accelerate the growth of new and existing SMEs. The Fund will also provide an additional $4 million to help grow the state’s space industry in the next four years.   

Aside from the IANIF, the State Budget also includes funding to establish the WA Jobs Taskforce, a key commitment in the WA Jobs Plan. 

This will help identify training and job-creating opportunities in Western Australia, especially in manufacturing, new industries and regional communities. 

“Despite the major economic shock caused by COVID-19, the WA economy has roared back to life, but there is more to do,” Premier McGowan said.  

“This investment will help diversify the State’s economy by supporting new and emerging industries to deliver the WA jobs of the future.” 

SOURCE: WESTERN AUSTRALIAN GOVERNMENT MEDIA RELEASE

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