WA start-ups will have access to increased support to scale after WA Premier Roger Cook announced a $30 million new venture capital fund at CCIWA’s Business Breakfast this morning.
WA Premier Roger Cook.
The Western Australian Venture Capital (WAVC) Initiative will provide access to funding for innovative Western Australian business by increasing the availability of early-stage venture capital investment in WA.
Through a ‘Fund of Funds’ model, the Government will invest in venture capital firms to leverage funding for WA-based start-ups.
The funding will be used to provide start-ups with essential capital, expert guidance, and support, helping to encourage more innovative businesses to grow their operations in WA.
“Our venture capital ecosystem ranks second last across Australia,” the Premier told business leaders at the breakfast.
“We received just 2% of the national investment share. And you know, I’m a proud West Aussie … and there’s no way I’m going to let our State rank second last in any economic metric.”
In his keynote address, the Premier also revealed the first two projects to receive funding via the joint CCIWA-Government WA Investments dealbook.
And he detailed plans to facilitate a Biomedical Research Precinct for Perth, noting the Planning Minister had recently declared a planning control area over land encasing UWA, QEII and surrounds.
Skilled labour an issue
The Premier said his Government understood that skilled labour shortages and cost pressures were impacting WA business, adding “we are throwing everything at these issues to do our best to minimise their impact across business, the economy and our community”.
He highlighted a 28% increase in apprentices and trainees on the back of more and fee-free TAFE courses, but acknowledged that industry needed skilled migrants.
“That’s why it’s good to be in the partnership with the Commonwealth to see them come to the table and sign a deal recently with WA on 10,000 new skilled migration places,” he said. “We know that what benefits business, benefits WA.”
On other issues, the Premier reiterated his Government’s commitment to environmental approvals reform, as well as the decarbonisation effort.
He said the Federal Government’s nature positive reforms must not restrict WA industry.
“It has to be a deal with the Opposition in order to make sure that these laws are sensible and that they benefit everyone and don’t represent a hindrance to Western Australia,” he said.
‘A collaborative union environment’
On industrial relations matters, the Premier told CCIWA Chief Economist Aaron Morey during the Q&A that while the Labor Party inherently supported unions he recognised the need for a collaborative environment and the unique nature of industrial relations in WA.
WA Premier Roger Cook and CCIWA Chief Economist Aaron Morey.
“I don’t pretend that it will always be smooth sailing, but I do believe that Western Australian unions understand that … the success of those employers is absolutely essential,” he said.
The Premier rejected any change to metropolitan retail trading hours, arguing the system was sufficiently flexible, and gave no indication that the payroll tax regime would be changed.
“We’ll continue to be laser focused on making sure we … can take any reasonable steps to drive down the cost of doing business in WA,” he said.
CCIWA CEO Chris Rodwell welcomed the establishment of a venture capital initiative, for which the chamber had been advocating.
In the Vote of Thanks as the event’s platinum sponsor, Woodside CEO and Managing Director Meg O’Neill said she appreciated how the WA Government was “approaching the energy transition with political maturity”.
“WA businesses have proven time and time again that we have the ingenuity, the spirit, the determination and the natural advantages to take on any challenge, and I believe the energy transition will prove no different,” she said.
To be part of WA’s peak business organisation, get in touch via 1300 422 492 or [email protected].
