South Australian Government allocated almost $50 million in grants and loans through Future Jobs Fund

SOUTH Australian companies seeking to expand their operations will share in almost $50 million in taxpayer funds to create jobs.

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SOUTH Australian companies seeking to expand their operations will share in almost $50 million in taxpayer funds to create jobs.

The State Government has revealed 57 projects will attract funding or loans through the $200 million Future Jobs Fund announced in the State Budget.

However, it will not say which companies until they have had a chance to consider conditions of the funding and accept the offers.

Premier Jay Weatherill estimates the projects will create about 3200 jobs across the state.

The $40 million in grants and $9.9 million in low interest loans allocated to the proposals are expected to trigger an investment of $275 million by the private companies.

However, there is scepticism about whether the forecast jobs and economic boost will be delivered. Opposition Leader Steven Marshall said he would “wait and see”.

“Labor are very good at announcing jobs that haven’t actually been created yet,” he said.

“The critical thing is making sure that the people that are going to be working in these sectors have the skills they need to get a lifelong job.”

The State Government says as many as 3200 jobs could be created. Picture: File

Treasurer Tom Koutsantonis said he was confident the proposals by the 57 companies would be delivered, but did not say over what time frame.

Mr Weatherill said there had been 28,000 new jobs created in SA since the March 2014 state election.

Applications for money from the Future Jobs Fund must create jobs in industries including health and biomedical research, IT, advanced manufacturing, renewable energy and mining, shipbuilding, defence, tourism, food and wine.

More than 430 applications were received for this round of funding.

One successful company, MG Engineering, will use an undisclosed sum to buy new machinery, upgrade its slipway and build a new workshop.

MG Engineering MD Anthony Brdar said this would create 64 jobs.

Applications for a second round are now being considered.

Earlier this month, the State Government conceded it does not know precisely how many jobs have actually been created by another initiative, the Investment Attraction Agency, despite saying it had “shot past its target to create 6000 jobs by 2017’’.

Some projects counted by the Government have yet to break ground, and hence have “created” zero jobs, and other announced plans have been significantly delayed.