Part of the $1.6 billion package in the 2022-23 New South Wales Budget will include a top up in the Regional Growth Fund to investment in key regional industries.
Across regional New South Wales, creating jobs, developing investment opportunities, delivering more support for young people and improving local service will be a key goal of the budget.
Deputy Premier and Minister for Regional New South Wales, Paul Toole, said the Regional Growth Fund, which is generating jobs and economic growth and transforming everyday life in the regions through infrastructure upgrades and investment in key regional industries, emerging industry, tourism and events, will receive a significant increase in funding.
“The Regional Growth Fund has supported more than 2,700 projects to date that have created new jobs, provided economic stimulus and made our communities stronger,” Mr Toole said.
“The next phase of the Fund will help build on those foundations with new investment in every corner of our regions.”
This includes a top-up for Resources for Regions to drive infrastructure improvements for safer and more vibrant coal mining communities, with additional funding for projects in communities with gas development.
The $1.6 billion package will also fund a new $130 million Critical Minerals Activation Fund, setting New South Wales up as a major investment destination for critical minerals mining and advanced manufacturing, enticing international business, creating future jobs and helping to grow regional industries.
Mr Toole said the $1.6 billion package underpinned the New South Wales Government’s record investment in regional communities to support families and build an even brighter future for regional New South Wales.
“COVID-19 has made residents envy the unique lifestyle and business opportunities on offer in regional New South Wales, with many choosing to leave the city and move to the regions in record numbers,” Mr Toole said.
“As our regional communities continue to grow, we need to ensure we keep delivering the infrastructure and services to provide an even better quality of life in the regions.”
The $1.6 billion package will include:
- $1.3 billion for the next phase of the Regional Growth Fund
- $145 million to establish the Regional Investment Activation Program to make regional New South Wales the location of choice for investors, enticing new private sector investment to unlock the potential of priority precincts and industries
- $130 million to help position New South Wales as the number-one investment destination for critical minerals mining and advanced manufacturing, supporting jobs in agricultural, health and renewable technologies
