The NSW Government has today released the state’s first industry policy to promote collaboration across industry, the innovation sector, and trade businesses.
Built around three connected missions – Housing, Net Zero & Energy Transition, and Local Manufacturing – the NSW Industry Policy sets out the Government’s approach to the NSW economy of the future.
The policy will also set three ambitious new Local Manufacturing targets to position NSW manufacturing to capitalise on global market opportunities.
“The NSW Industry Policy provides the certainty and clarity that NSW businesses need to thrive in our rapidly changing economy,” said NSW Head of Australian Industry Group, Helen Waldron.
“Having a clear, overarching strategic vision from the NSW Government provides NSW industry with the tools it needs to attract and grow investment supported by Government policy settings.”
This first-of-a-kind policy, consolidates actions from the private sector, research institutions, and Government agencies to help address some of the most significant current and future challenges facing the state.
The NSW Industry Policy was informed by extensive consultation with industry peak bodies, academia, and engagement with NSW Government agencies.
It consolidates targets across numerous government initiatives and identifies key sectors to enable success across all industries.
“The NSW Industry Policy details the Minns Labor Government’s vision and plans for the economic future of NSW and provides the strategic direction across all Government agencies and programs to drive industry investment,” said Minister for Industry and Trade, Anoulack Chanthivong.
“This is a clear and stable policy approach to help guide private sector investment needed to increase jobs and productivity in NSW.
“With three new Local Manufacturing targets, we have demonstrated a real commitment to supporting local manufacturing to promote a dynamic, sustainable, and diversified economy.
“We want to see a manufacturing industry that is innovative, productive, and boosts Australia’s sovereign capability.
“Our ambition is clear: to build a better NSW and to make our state the most attractive place for people to live and work, and for local businesses to thrive.”
The Government says it will also partner with industry and other stakeholders to deliver on skills and education, innovation and technology, and trade and investment, to help ensure the policy’s success.
The NSW Industry Policy has three connected missions:
Mission 1: NSW residents have access to safe, secure, affordable, well-designed and sustainable housing
Mission 2: NSW is a globally competitive clean energy, sustainable and low carbon economy
Mission 3: NSW is a dynamic and resilient economy supported by local manufacturing
“This policy, particularly the three new Local Manufacturing targets, provides a huge boost for manufacturing workers right across the state,” said AMWU State Secretary, Brad Pidgeon.
“We need an ambitious vision for and support for our local manufacturing industry and this policy provides just that.”
The Government has set three new Local Manufacturing targets:
Target 1: NSW Gross Value Added for manufacturing achieves real growth on average over the years to 2031.
Target 2: NSW Gross Value Added for manufacturing achieves growth equal to, or greater than Gross State Product on average in the years between 2031 and 2040.
Target 3: Achieve a 50% minimum local content target for future rolling transport stock by 2035.
View the NSW Industry Policy available here: https://www.investment.nsw.gov.au/why-nsw/resources/nsw-industry-policy/.
