Latest news with #TechCentral
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
The winners and losers from the 2025 NSW budget
Winners Bus commuters Long-suffering Sydney bus commuters will hopefully get some relief from the long queues and cancelled services. The government will splash $452 million to increase the number of bus services, including the rollout of 500 new bendy buses, and more regular school bus services in the outer suburbs. Movie-makers A $100 million fund will search for a home for Sydney's second film studio, with sites at Redfern and the Central Coast already being considered. The government also promises to reform the regulations around film and gaming production in NSW, which promises to triple the time productions can film on private land. The sector will also benefit from $280 million through the existing Made in NSW fund, which supports film and TV production. Tech companies and start-ups Maybe the biggest winners from the budget are the technology companies the treasurer is hoping to attract to NSW with the new Investment Delivery Authority, which will fast-track private investment projects valued at over $1 billion. Think data centres and renewable energy projects. TechCentral will get a $38.5 million injection, and there is funding to encourage women in tech and housing industry innovation through an $80 million 'Innovation Blueprint'. Housing developers The state government will become guarantor for up to $1 billion of housing projects to encourage new low and mid-rise projects where developers might struggle with securing finance. It means developers that the government deems credible and capable of delivering the homes won't have to rely as much on off-the-plan sales to get projects moving. If the homes remain unsold, the developer can call on the guarantee and the government will purchase them for either build-to-rent, affordable, or social housing. Developers will also benefit from a 50 per cent land tax discount for build-to-rent housing.
Yahoo
22-06-2025
- Business
- Yahoo
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.
