An Investment Attraction and New Industries Fund (IANIF) will be established by the Western Australian government, with $100 million invested to support emerging industries.
The IANIF will support industry assistance, attraction and grants across emerging industries such as battery manufacturing.
“My government is delivering on our WA Jobs Plan by investing in local manufacturing and production and emerging industries to create local jobs,” WA premier Mark McGowan said.
“Creating jobs has been, and always will be, my number one priority – and my government has a proven track record of honouring this commitment to the people of WA.”
The fund will strengthen the thriving innovation ecosystem in Western Australia, building global competitive advantages that create jobs for locals and export market opportunities.
The Investment Attraction and New Industries Fund will include $16.7 million over four years to support innovation across Western Australia, by accelerating new and existing SMEs. The fund will also provide an additional $4 million over four years for the space industry.
This funding aims to grow Western Australia’s space industry by attracting investment and providing support for start-ups and SMEs. It will fund three staff to support program development and outcome delivery in the space industry.
“Launching WA’s first spacecraft at Cape Canaveral was an exciting venture and is the kind of project we can continue to develop with State Government support,” State Development, Jobs and Trade minister Roger Cook said.
“The McGowan government’s strong financial management over the past four and a half years means we can develop funds like the Investment Attraction and New Industries Fund for investment attraction in Western Australia.”
This new fund will build on the state government’s existing industry development initiatives, like the Renewable Hydrogen Strategy, the Future Battery Industry Strategy and the New Industries Fund.
“The McGowan government will continue to deliver initiatives to build State-wide capability, support and accelerate new and emerging businesses, and encourage innovation to thrive,” Innovation and ICT minister Don Punch said.
“The IANIF focuses on the current and future-ready workforce to optimise WA’s position in the global marketplace and deliver economic and social benefits for the whole community.”
The 2021-22 state Budget also includes funding to establish the WA Jobs Taskforce, a key commitment in the WA Jobs Plan, that helps identify training and job creating opportunities in Western Australia. This includes manufacturing, new industries and regional communities.
“Despite the major economic shock caused by COVID-19, the WA economy has roared back to life, but there is more to do,” McGowan said.
“This investment will help diversify the state’s economy by supporting new and emerging industries to deliver the WA jobs of the future.”