PERTH (miningweekly.com) – The Western Australian government on Monday announced a A$100-million Investment Attraction and New Industries Fund (IANIF) to support the state's 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, including battery manufacturing, green steel and cybersecurity, and will build on the government's existing industry development initiatives such as the Renewable Hydrogen Strategy, the Future Battery Industry Strategy, and the New Industries Fund.
“Despite the major economic shock caused by Covid-19, the Western Australian economy has roared back to life, but there is more to do,” said Premier Mark McGowan.
“This investment will help diversify the state's economy by supporting new and emerging industries to deliver the Western Australian jobs of the future.”
The IANIF will include A$16.7-million over four years to support innovation across the state, by accelerating new and existing small- and medium-sized enterprises to help diversify the economy and create new jobs. The fund will also provide an additional A$4-million over four years for the space industry.
The 2021-22 state Budget also includes funding to establish the WA Jobs Taskforce, a key commitment in the Western Australian Jobs Plan, that helps identify training and job creating opportunities in Western Australia, including in manufacturing, new industries and in regional communities.