NSW Future Industries Investment Program (Australia)

Deadline: 13-Jan-23

The NSW Government is inviting applications for NSW Future Industries Investment Program is aimed at increasing productivity in the NSW economy and maximising the benefits of investment across NSW.

The Program will focus on attracting and growing innovative, high-growth businesses in priority industries and at driving productivity growth in emerging high-value technologies, such as digital technology, medical technology and the clean economy.

Up to $30 million will be available in grant funding under the Program. For projects located in the Western Parkland City, an additional $4.75 million is available in grant funding from the Western Sydney Investment Attraction Fund.

Objective: The objective of the Program is to increase productivity in the NSW economy via knowledge and skills transfer by attracting new investment by leading companies in priority industries, technologies and focus precincts identified in the NSW Industry Development Framework.

Priorities

• NSW Industry Development Framework priorities
  • Emerging industries
    • Clean energy and waste
    • Medical and life sciences
    • Digital systems and software
    • Defence and aerospace
  • Existing industries
    • International education
    • Visitor economy
    • Agriculture and agrifood
    • Resources
  • Core enabling technologies
    • Digital technology
    • Advanced manufacturing
    • Biotechnology
  • Focus precincts
    • Westmead
    • Tech Central
    • Renewable Energy Zones
    • Hydrogen Hubs
    • Special Activation Precincts
    • Regional Job Precincts
    • Western Sydney Aerotropolis.

Funding Information

• Up to $30 million will be available in grant funding under the Program.

Eligible Projects

• For projects to be assessed as eligible they must:
  • Commit to:
    • Creating a minimum of 20 ongoing net new FTE jobs in NSW, or
    • Investing a minimum of $3 million capital expenditure (excluding funding from this Program) within NSW as part of the overall project.
  • Be in one (or more) of the following as listed in the NSW Industry Development Framework:
    • Priority industry – either existing or emerging
    • An industry that facilitates the use of the core enabling technologies, or
    • Can demonstrate that it would enable a focus precinct.
    • Demonstrate the project will commence within 12 months of all parties signing the Funding Agreement.
    • Demonstrate the project will meet the employment or investment criteria in point 1 within two years of all parties signing the Funding Agreement and without additional NSW Government support beyond the agreed funding.
    • Demonstrate the project will have a minimum co-contribution of at least 50% of the total project cost.2
    • Demonstrate that the project would not proceed as proposed in NSW without Government support.
    • Demonstrate how the project will lift industry productivity in NSW (refer to Table 1 row 1).

Eligibility Criteria

• To be eligible for the Program, applicants must:
  • Be one of the following entities:
  • A company incorporated in Australia
  • A company incorporated in another jurisdiction
  • An incorporated trustee on behalf of a trust
  • An incorporated association
  • A joint (consortia) with a lead organisation.
• Be an entity that:
  • Employs at least 20 FTE employees at the time of the application
  • Has been operating for at least three years.
  • Be an Australian Business Number (ABN) registered entity or commit to register for an ABN.
  • Be registered for the purposes of GST or commit to register.
  • Hold a bank account with an Australian Financial institution or commit to open one.

Note: An FTE is equal to a ‘standard working week’ of 35 hours for ongoing roles. Full time roles can claim 1 FTE and part time roles can claim a proportion of 1 FTE on a pro rata basis.

For more information, visit NSW.