INVESTMENT
ATTRACTION AND NEW INDUSTRIES FUND
499. Ms S.E. WINTON to the Minister for State Development,
Jobs and Trade:
I refer to the McGowan
Labor government's commitment to diversify the state's economy
through the $100 million investment
attraction and new industries fund. Can the minister outline to the house how
this fund will support new and emerging industries, as well as help
create new jobs across Western Australia?
Mr R.H. COOK replied:
I thank the member for the question. It is a very important
one. The member and others will remember that back in early 2021—nice memories for some, not so for others—we
said that if the McGowan government was re-elected, we would do two
things. Utilising the dual success that we had around COVID-19, as well as
keeping the state's finances strong, we could then look forward to how
we could continue to deliver and create jobs and make sure that we could
diversify and grow the economy.
Last week, I was very
pleased to be with the Premier and Minister Punch to announce the commitment of
$100 million towards the establishment of an investment attraction and
new industries fund. The fund signals a more proactive approach to investment attraction that will see the government building
on the state's existing strengths and leveraging industries'
knowledge and expertise to bring further investment, jobs and new industries
into Western Australia.
The Western Australian
economy is strong, driven by the success of our world-class resources sector,
but our state is competing with other jurisdictions across Australia and around
the world to attract investment into new and emerging industries. We
cannot rest on our laurels; we have to make sure that we reach out to ensure
that these companies and new industries that are emerging in the economies
around the world are attracted to Western Australia and we create the jobs and
the new opportunities that come with them.
This fund will facilitate a targeted approach to the
government's economic diversification agenda, complementing the
strategic reforms we have already made in our investment attraction approach.
The focus of the fund will be to support industry attraction through assistance
or grants across a range of sectors, including battery manufacturing, renewable
hydrogen, green steel and cybersecurity. It will also be used to encourage and
support the relocation of industries and company headquarters to Western Australia.
The fund will build on the government's existing economic development initiatives, including the
future battery industry strategy and the renewable hydrogen strategy, providing targeted incentives to encourage
investment when there are no other sources of funding. The fund includes
$16.7 million for the new industries fund, which is stewarded by Minister
Punch. We very much look forward to seeing
more success from that component of the fund, as well as $4 million from the
fund that has already been set aside to grow WA's emerging space
industry, attracting investment and providing support for start-ups and small
to medium-sized enterprises.
The McGowan government's number one priority is jobs.
The McGowan government is creating the jobs of the future. Diversification of the economy is key to making sure that we can
create those jobs, keep our economy strong and keep our people safe.
Visitors — Beenyup Primary School
The SPEAKER: Before I take
the next question, on behalf of the member for Darling Range, I would like to
acknowledge the year 5 and 6 students from Beenyup Primary School in Byford,
and the parents and teachers who accompanied them. I note that their teacher,
Mrs Tran, is married to our member for Darling Range. Welcome to you all.