The state’s first NSW Industry Policy has been released by the State Government to boost the economy by setting three new Local Manufacturing targets.
The new targets include:
- NSW Gross Value Added for manufacturing achieving real growth on average over the years to 2031.
- NSW Gross Value Added for manufacturing achieving growth equal to or greater than Gross State Product on average in the years between 2031 and 2040.
- Achieving a 50 per cent minimum local content target for future rolling transport stock by 2035.
“With three new Local Manufacturing targets, we have demonstrated a real commitment to supporting local manufacturing to promote a dynamic, sustainable, and diversified economy,” said minister for Industry and Trade Anoulack Chanthivong.
The policy connects three missions—Housing, Net Zero & Energy Transition, and Local Manufacturing—to promote collaboration across industry, the innovation sector, and trade businesses.
Australian manufacturing has declined over the past two decades, with manufacturers facing high costs and supply chain issues. These targets are designed for NSW to leverage its advantages in workforce, infrastructure, and resources.
“This policy, particularly the three new Local Manufacturing targets, provides a huge boost for manufacturing workers right across the state,” said State Secretary of the AMWU Brad Pidgeon.
“We need an ambitious vision for and support for our local manufacturing industry, and this policy provides just that.”
Through consultations informed by industry peak bodies, academia, and NSW Government agencies, the policy will be embedded in all programmes and government departments to capitalise on NSW manufacturing’s global market opportunities.
The government will develop partnerships with industry and stakeholders to ensure the policy’s success.