Growing Regional Economies Fund in Australia

Deadline: 23-May-23

The NSW Government is now inviting applications for its Growing Regional Economies Fund to accelerate economic development and prosperity in regional NSW, increase the appeal of investing in regional NSW, support investment in major transformational projects that increase employment opportunities in regional areas and ensure that regional communities have the infrastructure and services required for sustainable growth.

This program is administered by the Department of Regional NS.

Objectives

The key objectives of the Growing Regional
- Economies Fund are to:
  - accelerate economic development and prosperity in regional NSW
  - increase the appeal of investing in regional NSW
  - support investment in major transformational projects that increase employment opportunities in regional areas
  - ensure that regional communities have the infrastructure and services required for sustainable growth.

Focus Areas

A focus area of the Growing Regional Economies Fund is to build enabling infrastructure that will support investment in regional housing projects to meet demand generated by growth in employment and economic activity.
Housing projects that are designed to meet short-to-medium term demand are eligible where the project can demonstrate it will deliver a long-term benefit for the community, such as utilising the enabling infrastructure to convert the development into permanent and affordable housing after the short-to-medium term demand is met.
Housing projects that are designed to meet the needs of natural population growth are not a focus of the Growing Regional Economies Fund.

Funding Information

Applications for funding can be for a minimum of $2 million up to a maximum of $30 million.

Eligibility Criteria

Eligible applicants are:
- local councils
- Lord Howe Island Board (in its capacity as a service provider for an eligible location not covered by a local government entity)
- RDA Far West (in its capacity as a service provider for an eligible location not covered by a local government entity)
- joint organisations of councils, or regional organisations of councils
- Australian universities
- Local Aboriginal Land Councils.
- Applicants must provide evidence that they are an incorporated entity by providing either an Australian Business Number (ABN) or an Australian Company Number (ACN). Eligible organisations that are unincorporated must provide evidence that they are registered with NSW Fair Trading under the Associations Incorporation Act 2009 or another Act.
- Projects must be in one or more of the 93 regional Local Government Areas, in the Unincorporated Far West region, or on Lord Howe Island.
Example projects
- Enabling infrastructure such as roads, bridges and other services to develop housing and investment precincts that can be linked to economic growth and employment
- Education, research and development facilities to drive innovation in engine or emerging industries
- Airport upgrades and expansions
- Enabling infrastructure that will support increased investment and employment opportunities.