- Additional $463 million in the 2023-24 State Budget for economic infrastructure and diversification initiatives to set Western Australia up for the long-term
- New funding to expand export markets, develop priority sectors and cross-sector activities and create jobs of the future
- Support for a range of local industries, including energy, tourism and events, international education, primary industries and science, innovation and technology
The McGowan Government is continuing its investment in developing a more sustainable and diversified economy, providing an additional $463 million in the 2023-24 State Budget to drive growth in industries that will support the jobs of the future.
This new funding takes the State Government’s total investment in economic diversification initiatives to support job creation and set up Western Australia’s long-term future to more than $3.8 billion since 2021.
This Budget includes a $35 million top-up of the existing Industrial Land Development Fund, with planning and de-constraining initiatives to attract investment to Pilbara strategic industrial areas to be prioritised.
Land allocation in Strategic Industrial Areas is one of the most effective incentives in attracting investment into WA to support our growing renewable energy industries.
An additional $28.2 million has been allocated in this year’s Budget to target growing investment and trade activities, including $10.1 million to expand the Invest and Trade global network by establishing a new Americas hub in Austin, Texas.
Following successful activities across a wide range of international markets, $6 million has been committed to continuing the ‘Western Australia – It’s Like No Other’ marketing campaign for an additional year.
Further investments in this Budget include $15 million to attract major and business events, which are essential to ensure the State’s tourism sector continues to thrive, to WA.
The international education sector will receive a $13.1 million boost, to support student welfare as well as continue to build a sustainable pipeline of future students.
This Budget will also deliver a $9.1 million expansion of the New Industries Fund to drive innovation, develop and attract entrepreneurs, create jobs and deliver targeted support for female and Indigenous founders and businesses seeking to commercialise their products.
It also invests $500,000 to develop a Digital Economy Strategy to assist WA with its digital transformation, grow local capability and enable industry to leverage opportunities through the digital economy.
To help grow industries that support the development of clean energy technologies and decarbonisation, the McGowan Government is investing:
- $3 million from the Climate Action Fund for renewable hydrogen planning activities; and
- $3.3 million in climate industry action, consisting of $1.3 million from the Climate Action Fund for four studies that will inform the Heavy Industry Sectoral Emissions Reduction Strategy and $2 million to continue the LNG Jobs Taskforce for a further two years.
The Department of Primary Industries and Regional Development will spend $6.5 million to implement the Western Australian Aquaculture Development Plan, which outlines the Government’s initiatives for developing the aquaculture industry and creating aquaculture investment opportunities.
The WA Government’s grant agreements with both the Western Australian Marine Science Institution and the Western Australian Biodiversity Science Institute will continue, with $5.6 million from the 2023-24 State Budget.
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As stated by Premier Mark McGowan:
“My Government continues to invest in sectors that will help WA grow a more sustainable and diversified economy.
“To support ongoing and future jobs, the 2023-24 State Budget delivers a $463 million top-up for economic diversification initiatives, building on the significant investments made in recent years.
“Through these investments, we are setting our State up for the future and ensuring Western Australia is in a strong position for generations to come.”
As stated by State Development, Jobs and Trade Minister Roger Cook:
“Through our economic development framework, Diversify WA, and the Future State strategy, the WA Government has outlined its plans for delivering a smarter, more sustainable and diversified economy.
“Complementing State Budgets from the past two years, this Budget we have committed funding for a range of local industries, including energy, tourism and events, international education, primary industries, and science, innovation and technology.
“We are continuing to invest in broadening WA’s economic base by adding value to existing industries and supporting new industries.”
