WA’s $100m new industries fund

The Western Australian government’s 2021-22 State budget is investing in manufacturing including green steel, green hydrogen and battery metals, with the establishment of a $100 million Investment Attraction and New Industries Fund (IANIF).

The fund aims to support economic diversification and find new opportunities in industries that are only just emerging.

The fund will support industry assistance, attraction and grants across a range of emerging industries, and builds on existing initiatives such as the Renewable Hydrogen Strategy, the Future Battery Industry Strategy, and the New Industries Fund.

The IANIF will include $16.7 million over four years to support innovation across the State, by accelerating new and existing SMEs to help diversify the economy and create new jobs.

The fund will also provide an additional $4 million over four years for the space industry.

The funding is to grow Western Australia’s space industry by attracting investment and providing support for start-ups and SMEs and will include funding for three staff to support space industry program development and outcome delivery.

The 2021-22 State Budget also includes funding to establish the WA Jobs Taskforce that helps identify training and job creating opportunities in Western Australia, including in manufacturing, new industries and in regional communities.

Premier Mark McGowan said: “Despite the major economic shock caused by COVID-19, the WA economy has roared back to life, but there is more to do.

“This investment will help diversify the State’s economy by supporting new and emerging industries to deliver the WA jobs of the future.”

state development minister Roger Cook said the state was at the forefront of developing exciting and innovative projects.

“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.

“New and emerging science and innovation businesses should be buoyed by the McGowan Government’s commitment to the industry in this year’s state budget.”

Picture: Mark McGowan

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