Thousands of jobs to be created in industries of the future
More than 3,200 jobs will be created in high-growth industry sectors, with the State Government announcing today that 57 projects will receive funding support through the $200 million Future Jobs Fund.
The successful applicants in this tranche of recipients will share in grants totalling $40 million and loans totalling $9.9 million, which will trigger a total investment of $275 million across the State. This follows $5 million in grants which were awarded to businesses to develop their business cases in support of their applications.
Premier Jay Weatherill said that the calibre of the proposals put forward by businesses seeking to create jobs was yet another demonstration of how much potential for growth there is in the South Australian economy.
The 2017-18 State Budget included $200 million towards a Future Jobs Fund (the Fund) to drive employment in South Australia. As part of the Fund, $50 million in grants and $70 million in low interest loans are available for businesses and other non-government organisations to create ongoing jobs in the following key sectors:
- Health and biomedical research;
- IT and advanced manufacturing;
- Renewable energy and mining;
- Shipbuilding and defence; and
- Tourism, food and wine.
A total of 432 applications were received. Of the 57 recipients, five have already been announced: Minda, Como Glasshouse, Berry Sensation, Connecting Up, and Sea Dragon Lodge.
The successful applicants will now have an opportunity to consider the conditions of the grants and loans, and accept the offers. Once the offers have been accepted, the recipients will be publicly announced.
The Department is currently considering applications ahead of awarding the second tranche of grants and loans within the Fund.
Premier Jay Weatherill said local businesses like MG Engineering are leading the way and winning international contracts from South Australia. “I am very excited we can work with them to expand their operations and create 64 jobs in Port Adelaide.”
“Right now there are almost 500 job vacancies in shipbuilding defence in South Australia, and as a result of our campaign to secure defence contracts, these opportunities will continue to grow,” Mr Weatherill said.
“Creating jobs for South Australians is our first priority as a Government. We want South Australia to be a leader in health, IT, renewable energy, defence and tourism, and the Future Jobs Fund is central to realising that goal.”
Energy Minister Tom Koutsantonis said the overwhelming response to the Future Jobs Fund and the calibre of the applications received is yet another endorsement of the South Australian economy. “We are seeing report after report showing that South Australia’s economy is outperforming other states, and today’s announcement shows that the private sector is poised to make significant investments in key sectors.”
“What we have here is almost 60 businesses who want to go out and create more than 3200 new jobs in high-growth industries of the future.”
Defence and Space Industries Minister Martin Hamilton-Smith agrees that South Australia is a hub for new technology and innovation, fuelling unprecedented growth in space, and cyber industries, artificial intelligence and autonomous systems integration.
“Our brightest young minds will be able to take advantage of the unprecedented job opportunities in the state’s lucrative space and defence industries, as we transition towards a high-tech advanced manufacturing future,” Mr. Hamilton-Smith said.