The Government of South Australia has refocussed its framework for providing assistance to industry.
The new industry assistance framework will place a strong emphasis on supporting proposals that have broad benefits for an industry sector or a number of businesses, so as to maximise economic development benefits resulting from public investment.
Three main funds will provide the basis for more rigorous economic development:
Regional Growth Fund
The Regional Growth Fund has already been established. It is designed to unlock new economic activity in our regions, to deliver critical economic infrastructure to create direct benefit across regional industries, and to strengthen regional communities.
Through the Regional Growth Fund, the State Government is committing $150 million over 10 years to support regional South Australia.
Research, Commercialisation and Start Up Fund
The new Research, Commercialisation and Start Up Fund will support South Australian businesses to collaborate with researchers and universities to solve industrial problems, commercialise new products and services, attract research infrastructure investment into the state; and encourage the establishment and growth of start-ups.
The activities of the Chief Entrepreneur and the establishment of an Innovation, Incubation and Growth Hub at Lot 14 will also be supported by the fund.
The State Government has committed $27.9 million over four years to the Research, Commercialisation and Start Up Fund.
The Department for Industry and Skills will be working with industry and tertiary institutions to develop guidelines for this fund before it opens for applications later this year.
Economic and Business Growth Fund
The new Economic and Business Growth Fund will promote economic growth by encouraging growth of existing businesses, developing new industries, building international connections, and attracting foreign and national direct investment.
This fund aims for industry-wide, sector-wide or economy-wide outcomes, rather than benefits to just one company or small supply chain. The State Government has committed $100 million over four years to the Economic and Business Growth Fund.