8 hours ago
Budget to entice companies to invest in major projects
A multi-million dollar innovation fund is expected to make Australia's most populous state a more attractive place to invest and start a business.
The 2025/26 NSW budget, to be handed down on Tuesday, will allocate nearly $80 million in funding to make the state the best place to innovate, connect with investors and scale a business.
The funding includes $38.5 million for Australia's largest technology and innovation hub, Tech Central, and $20 million for emerging technology commercialisation to help boost growth in the housing and energy sectors.
In 2024, NSW accounted for 65 per cent of Australia venture capital investment, and is home to five out of eight "unicorn" companies, privately held companies valued at over $1 billion.
Tuesday's budget will also include $17 million to set up an Investment Delivery Authority.
The authority will be tasked with helping to accelerate approvals for major projects across all industries, including advanced technologies and energy.
Major projects to be considered by the authority may include hotels, data centres, renewable energy projects and commercial developments.
Too many major projects from the private sector were getting bogged down in red tape, Premier Chris Minns said.
"Our state is open for business and this change will encourage more people to bring their best ideas to life in NSW, all backed by our government," he said.
Treasurer Daniel Mookhey said the government was creating a way to address blockages, speed up the process and ensure NSW was properly open for business.
"The Investment Delivery Authority is the turbocharger to drive economic growth across the state," he said.
