$100m for emerging industries, economic diversification

The State Government will incentivise businesses in emerging industries including batteries, green steel and cyber security to operate in WA, as part of a new $100 million fund.

Premier Mark McGowan announced on Monday (August 30) the Investment Attraction and New Industries Fund, which is aimed at drawing investment into new industries and creating jobs.

A 2021-22 budget commitment, the fund includes $16.7m for small and medium enterprises (SMEs) to support innovation and create jobs, to be rolled out over four years.

“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,” Mr McGowan said.

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

The fund also includes $4m to go towards initiatives in the space sector, including via SMEs and start-ups.

It will also build on existing initiatives in renewable hydrogen, future batteries and new industries.

The budget also includes funding to establish a jobs taskforce, to build employment opportunities.

CCIWA is hosting a Budget Breakdown on September 9, where Chief Economist Aaron Morey will dissect the key points for business.

To secure your ticket, visit our events page.

 

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