Innovation ‘turbocharger’ will fast-track $50bn in investment, says NSW government

The new Investment Delivery Authority will accelerate approvals for projects valued at more than $1bn, including advanced technologies and energy.

An artist’s impression of the Tech Central development due to be completed in 2027. Picture: Supplied.

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The Minns government has announced the creation of an Investment Delivery Authority ahead of the NSW budget on Tuesday, a “turbocharger” it claims will assist some 30 large projects a year, bringing forward up to $50bn of investment annually.

The authority is designed to accelerate approvals for major projects valued at more than $1bn, including advanced technologies and energy, by cutting through red tape and encouraging investment.

Other eligible projects may include hotels, data centres, renewable energy projects and commercial developments but they must be ready to start development quickly.

The government will also provide nearly $80m in innovation funding in the upcoming budget, citing Afterpay, Atlassian and Canva as global success stories to emulate.

“The fact is major projects from the private sector are getting bogged down in red tape, which is making it harder to do business in NSW when we should be doing everything we can to get things moving”, Premier Chris Minns said.

“We’ve made great progress with the Housing Delivery Authority. This reform is a big signal that NSW is not just open for business – it’s serious about being a global leader in innovation, industry and investment.”

Treasurer Daniel Mookhey is still smarting from the state’s loss of $12bn in the GST carve-up and is pitching his third budget as one focused on building more homes, more power and water infrastructure and backing hi-tech innovation.

On Sunday, Mr Mookhey echoed his catch phrase from May’s budget preview, noting “We have listened to what we are being told, loud and clear: everything in NSW is awesome, except for how long it takes to get major projects done” .

“We are creating a way to address the blockages, speed up the process and ensure NSW is properly open for business,” he said.

“The IDA is the turbocharger to drive economic growth across the state.”

Business NSW welcomed the establishment of an authority to streamline approvals and co-­ordinate government agencies as “a game-changing step forward for NSW”.

“Coupled with the Innovation Blueprint and nearly $80m in new funding, this initiative will help transform breakthrough ideas into global enterprises – fostering the next Atlassian or Canva right here in our backyard, ” said Business NSW CEO Daniel Hunter.

Initiatives announced on Sunday include $38.5m to accelerate Australia’s largest technology and innovation hub, Tech Central, a 6sq km district in Sydney bordered by Haymarket, Camperdown and South ­Eveleigh.

Atlassian is building a $1.4bn, 40-storey headquarters at Sydney’s Central Station, becoming the anchor tenant for Tech Central. The precinct is designed to act as an incubator for other tech companies, with the aim of aiding Australia’s shift towards a smarter economy. The NSW government has foreshadowed plans to include housing, transport links and “vibrant dining and entertainment options”.

The government will also set aside $20m in the budget for emerging technology commercialisation to drive growth and productivity in key areas such as housing and energy.

Another $4m will go to supporting “tech founder diversity” by providing training programs for female founders and future tech leaders living and working in western Sydney and regional NSW, and $700,000 to extend the operation of the National Space Industry Hub.

Author of the Pounder review and former chair of the Tech Council of Australia Kate Pounder said the investment would “cement NSW as a world leader in the tech sector”.

“Most hearteningly, this money will also go where it is needed most – to female founders, and those from diverse cultures and backgrounds, as well as our budding tech giants living and working in western Sydney and regional NSW.”