NSW government to launch new authority fast-tracking big business projects
The government will invest $17.7m to establish the Investment Delivery Authority - modelled on the Housing Delivery Authority - to accelerate approvals for major projects and attract investment across sectors such as technology and energy.
Businesses have raised concerns about lengthy and complex approval processes, which the government says has hampered productivity and discouraged investment.
The new authority is expected to assist around 30 large-scale projects annually and help unlock up to $50bn in investment each year.
Premier Chris Minns said major projects from the private sector were 'getting bogged down in red tape', making it harder to do business in NSW.
'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,' Mr Minns said.
Treasurer Daniel Mookhey said the authority would streamline processes and clear bottlenecks.
'We have listened to what we are being told, loud and clear: everything in NSW is awesome, except for how long it takes to get major projects done,' Mr Mookhey said.
'We are creating a way to address the blockages, speed up the process and ensure NSW is properly open for business.'
The Investment Delivery Authority will accept expressions of interest from domestic and international investment projects valued at more than $1bn.
It will be supported by an investment taskforce within Investment NSW under the premier's department.
Its leadership team will include senior public servants from the premier's department, treasury, planning, housing and infrastructure, and Infrastructure NSW.
The authority will make recommendations to the treasurer, the planning minister and the minister for industry and trade.
Planning Minister Paul Scully said the reforms were a key step toward lifting productivity.
'The Investment Delivery Authority, supported by the Investment Taskforce, will identify and clear barriers that businesses may face, while advising on reforms that promote investment, competition and productivity in NSW,' Mr Scully said.
In tandem with the new authority, the government is investing nearly $80m in a wide-ranging innovation funding package to support startups, scale-ups and emerging technologies under the newly launched Innovation Blueprint.
'NSW is not just open for business, it's serious about being a global leader in innovation, industry, and investment,' Mr Minns said.
The largest slice of the funding is $38.5m to support Tech Central, followed by $20m for commercialising emerging technologies, particularly in housing and energy.
The remaining funding has been split across several areas, including $6m to help manufacturers adopt innovative technologies and $4m each for housing construction innovation and supporting female and regional tech founders.
Industry and Trade Minister Anoulack Chanthivong said the investment would help nurture the next generation of tech giants.
'With this nearly $80 million of funding, we will ensure we nurture, grow, and support the next Afterpay, Atlassian, and Canva from the early stages through to the most vulnerable periods of a startup's life cycle,' Mr Chanthivong said.
Kate Pounder, former Tech Council of Australia Chair, welcomed the commitment to diversity and regional inclusion.
'This significant investment in innovation will cement NSW as a world leader in the tech sector,' Ms Pounder said.
'Most hearteningly, this money will also go where it is needed most, to female founders, and those from diverse cultures and backgrounds, as well as our budding tech giants living and working in Western Sydney and regional NSW.'
Business NSW CEO Daniel Hunter described the changes as 'game-changing'.
'With a clear plan to streamline approvals and coordinate government agencies, the new Investment Delivery Authority is exactly what NSW needs to turn ambition into action,' he said.
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