$100 million to attract investment, diversify the economy and drive local jobs

Posted on March 2, 2021
  • Re-elected McGowan Labor Government to deliver $100 million to attract new investment into WA jobs
  • Investment Attraction and New Industries Fund to target industries of the future
  • Funding to drive local jobs in advanced manufacturing, downstream processing and high-tech industries

A re-elected McGowan Labor Government will invest $100 million to attract new investment into projects that will create local jobs across the State and further diversify our economy.

As part of the WA Jobs Plan, a McGowan Labor Government will establish a $100 million Investment Attraction and New Industries Fund to put WA front-and-centre of emerging 21st century industries.

The fund will support industry assistance, attraction and grants across a range of industry sectors, including battery manufacturing, renewable hydrogen, green steel and cyber security.

It builds on the McGowan Labor Government’s strong record of identifying and driving new industries in WA, including the Renewable Hydrogen Strategy, the Future Battery Industry Strategy, METS and Mining Technology and the New Industries Fund.

Funding could also support the relocation of industries and company headquarters to Western Australia. Companies planning on establishing or expanding into regional WA will also be able to apply to this Fund.

The Investment Attraction and New Industries Fund is part of a suite of policies under a re-elected McGowan Labor Government which will see more than $210 million invested to drive new opportunities in WA, including:

  • $15 million for the Local Manufacturing Investment Fund to manufacture iron ore railcar components;
  • $10 million for wind farm manufacturing;
  • $15 million for a Carbon Innovation Grants program;
  • $20 million to boost the Collie Futures Fund;
  • $15 million to the Agriculture Climate Resilience Fund;
  • $20 million for the Screen Production Attraction Fund;
  • $14 million for the development of an e-waste recycling industry;
  • $2 million for the South West Manufacturing Hub;
  • $1 million for researching Green Steel.

These new investment funds build on the McGowan Government’s $126.6 million New Future Health Research and Innovation Fund.

Comments attributed to Premier Mark McGowan:

“WA jobs are my number one priority, and my government is delivering the jobs of the 21st century for our State.

“Through our Investment Attraction and New Industries Fund, we will partner with the private sector to unlock potentially billions of dollars of investment into WA, creating thousands of new jobs.

“The Investment Attraction and New Industries Fund will ensure we take full advantage of new and developing industries, creating new local jobs and diversifying our economy.

“West Australians shouldn’t have to leave the State to work in the industries they want, and my government is putting the plans in place so they no longer need to.

“This $100 million investment builds on our strong record of driving new industries and new jobs over the past four years – from advanced manufacturing to battery development and renewable hydrogen.”