News & Insights

NSW GOVERNMENT PUTS FOCUS ON STATE’S REGIONAL ECONOMIES

21 September 2018 – With a state election on the horizon the NSW coalition has sought to regain some lost momentum in regional NSW with the launch of a new investment package that it hopes will boost regional economies across the state.

In a statement announcing the new initiative the government said the Investment Attraction Package for Regional NSW will include relocation assistance and financial incentives to entice skilled workers, and interstate and global business.

Deputy Premier and Minister for Regional NSW John Barilaro said the package is a massive boost for businesses and job seekers in regional NSW. “Securing investment in regional NSW is about bringing more businesses to the regions, supporting businesses already in regions and helping them all to be successful, because success means more jobs and a better future for those towns,” Mr Barilaro said.

“With the entire state in drought it is more important than ever to keep money flowing through regional economies and bring new businesses and skilled workers to towns means more customers for local suppliers, retailers, restaurants and cafes as well as opportunities to welcome new friends and enjoy diverse cultures,” Mr Barilaro added.

The Investment Attraction Package for Regional NSW will feature:

  • Skills Relocation Assistance – $10 million in grants of up to $10,000 per eligible skilled worker to help meet the cost of moving from the city to the country, such as furniture removal and temporary accommodation for up to three months.
  • Regional Investment Attraction Fund – $20 million in grants and interest-free loans targeted at offsetting government levies and duties, such as payroll tax, to eligible businesses that want to invest and grow in regional NSW, which will lead to new jobs.
  • Investment concierge – supporting businesses investing in or moving to regional NSW, working with an appointed Regional Investment Coordinator to provide easy access to incentives, smooth the planning process, help lodge applications and liaise with government departments.

*Sourced from NSW Government

In addition, the package will also see Special Activation Precincts’ or business hubs created. The government says these hubs will offer infrastructure and streamlined planning processes for the industries and sectors responsible for driving growth in the regions. While the full list of proposed hubs is yet to be confirmed, Parkes in Central NSW has been named to be the first Special Activation Precinct and serve as an inland port bringing regional suppliers closer to their customers and create new jobs.