September 5, 2018
The South Australian Government has touted building the economy in the release of this week’s 2018-19 State Budget, with a particular focus on start-ups and innovation through the appointment of a chief entrepreneur and the development of an industry assistance framework.
The framework has earmarked $100m for an Economic and Business Growth Fund to support industry and business growth in South Australia through attraction and expansion support for initiatives that will introduce significant new technologies, capabilities and expertise in industries that align to the state’s competitive advantages and provide industry sector support where required.
It also includes a $27.9m Research, Commercialisation and Start-up Fund and $150m Regional Growth Fund.
A chief entrepreneur has also been appointed as part of the Research, Commercialisation and Start-Up fund to “promote entrepreneurship, engage with the entrepreneurial ecosystem, build a start-up community, and raise the profile of South Australia as the place to start and grow a successful business”.
Trade offices will be opened in Shanghai, the US, Japan, Malaysia and Dubai at a cost of $12.8 million over four years, with Shanghai flagged for a business and investment hub.
On the water front, $5 million has been set aside to open reservoirs for public use in the coming two years and the Department for Environment and Water has set targets for 2018-19 which include:
• A complete review of the Water Industry Act 2012 to identify the success of the Act and any opportunities to further its objectives; and,
• To finalise a new International Water, Engagement, trade and Investment Action Plan to enable the state to capture a greater share of the growing international water market, and commence its implementation