NSW Future Industries Investment Program

The objective of the program is to increase productivity in the NSW economy via knowledge and skills transfer by attracting new investment by leading companies in priority industries, technologies and focus precincts identified in the NSW Industry Development Framework.

Priority industries

• Emerging industries
  • Clean energy and waste
  • Medical and life science
  • Digital systems and software
  • Defence and aerospace
• Existing industries
  • International education
  • Visitor economy
  • Agriculture and agrifood
  • Resources

Core enabling technologies

• Digital technology
• Advanced manufacturing
• Biotechnology

Focus precincts

• Westmead
• Tech Central
• Renewable Energy Zones
• Hydrogen Hubs
• Special Activation Precincts
• Regional Job Precincts
• Western Sydney Aerotropolis

To be eligible for the program, applicants must be one of the following entities:

• A company incorporated in Australia
• A company incorporated in another jurisdiction
• An incorporated trustee on behalf of a trust
• An incorporated association
• A joint (consortia) with a lead organisation

Additionally, applicants must:

• be an entity:
• that employs at least 20 FTE employees at the time of the application
• has been operating for at least three years
• be an ABN registered entity or commit to register for an ABN
• be registered for the purposes of GST or commit to register
• hold a bank account with an Australian Financial institution or commit to open one

Overseas applicants will:

• have at least 20 FTE employees globally
• provide written intent to establish a subsidiary or branch office in NSW through a physical presence, with staff located and paid in NSW
• need an ABN, be registered for GST or commit to registering for GST
• have a bank account with an Australian Financial institution or commit to opening one
• have at least $20 million in public liability insurance and be an eligible entity type (as listed above)
• enter into a Funding Agreement if they are successful

Consideration may be given to joint applications, including those from a joint venture or cooperative group. Program eligibility requirements may be assessed across all project partners jointly or across each member of the project partners separately.

Applicants are ineligible if they are:

• insolvent
• an individual
• an unincorporated association
• a partnership
• a Commonwealth, state, territory or local Government agency or body (including Government business enterprises or Section 355 Committee)
• a charity or not-for-profit organisation
• a publicly funded research organisation

See the guidelines for full details of eligible and ineligible applicants.

Eligible projects must:

• commit to:
  • creating a minimum of 20 ongoing net new FTE jobs in NSW, or
  • investing a minimum of $3 million capital expenditure (excluding funding from this Program) within NSW as part of the overall project
• be in one (or more) of the following as listed in the NSW Industry Development Framework:
  • priority industry – either existing or emerging
  • an industry that facilitates the use of the core enabling technologies, or
  • can demonstrate that it would enable a focus precinct
• demonstrate the project will commence within 12 months of all parties signing the Funding Agreement
• demonstrate the project will meet the employment or investment criteria in point 1 within two years of all parties signing the Funding Agreement and without additional NSW Government support beyond the agreed funding
• demonstrate the project will have a minimum co-contribution of at least 50% of the total project cost
• demonstrate that the project would not proceed as proposed in NSW without Government support
• Demonstrate how the project will lift industry productivity in NSW (refer to assessment criteria)

Examples of eligible projects include:

• relocating business operation/s from outside NSW
• provision of industry specific infrastructure that enables a target industry in a priority precinct
• onshoring of activity currently done overseas to a NSW location
• overseas or interstate company establishing operations in NSW
• introduction of a new technology or process in existing NSW operations

Projects are ineligible where it:

• is proposed to be used to support existing business activities
• is for projects that involve the re-hiring of staff made redundant
• is proposed for employees who leave and return to the business within a period of 6 months from the date they left the business
• is proposed for an existing investment within the business
• is proposed for the transferring of staff or investment from one related business to another
• relates to a project that would have proceeded in NSW without government support as deemed by DEIT
• relates to a project that has or will commence before assistance has been received as deemed by DEIT
• relates to a project that will require NSW Government funding beyond the agreed funding period
• relates to a project where the employment or investment thresholds cannot be achieved within two years of signing of the Funding Agreement

See the guidelines for full details of eligible and ineligible projects.

All pre-approved expenses must be demonstrated to be critical to the success of the project.

Rebateable items will be negotiated on a case-by-case basis but may include:

• capital works related to the project
• machinery and equipment
• externally provided staff training for staff who will be involved in the project
• infrastructure connectivity such as internet, roads, utilities
• information technology and data facilities
• set up costs for the business or project as approved by DEIT
• project site rent

Items that may not be considered could include (but are not limited to):

• standard office equipment
• training that is delivered in-house
• costs already incurred in relation to the project
• costs of existing business activities
• research and development spend
• staff wages

See the guidelines for full details of eligible and ineligible expenditure.

Stage 1

Eligibility applications must include:

• the organisation’s details including ABN or other identifier
• short description of the applicant’s primary business activities
• a short description of the project scope and timing.
• estimated dollar value of funding requested, including major expense items for which rebates are sought
• estimated total cost of the project
• an estimate of the number of net new full-time equivalent jobs created by the project and the wages expected to be paid for each job or role
• the intended or likely location of the project in NSW
• if the project will proceed outside of NSW without funding, evidence of consideration of alternative locations
• how the business activity undertaken as a result of the project would enhance productivity in the NSW economy
• how the project aligns to one or more priority industries or precincts as listed in the NSW Industry Development Framework
• funding previously received for this proposed project from the NSW Government or a Government in another Australian jurisdiction
• commitment to providing the level of information and documentation required at the detailed application stage within the timelines of the program

Stage 2

Projects that are invited to submit a detailed application will be allocated a DEIT Relationship Manager to assist in the preparation of their application and supporting documents.

Detailed applications will need to provide information including (but not limited to):

• details of the project scope, including jobs created and expected wages, the timeframes for the delivery of outcomes, success measures, and any other relevant information
• a feasibility study and project plan for the project, including any supporting quotes or technical documents, and details of how the proposal would be implemented
• completed data sheet (a template will be provided) for the project, including project cost estimates and sources of major inputs, cash flow projections, underlying assumptions for the project’s lifecycle, and information on how many jobs and other quantifiable benefits the project will create over the first five years (at a minimum)
• evidence of readiness of the project, including status of development applications, landowner’s consent and/or regulatory approvals where required or applicable
• applicant financial statements (trading, profit and loss statements and balance sheets) for three continuous years ending with the latest available year. An audited financial statement must be provided for the last financial year (2021-22 financial year for Australia based applicants, if available)
• any research and development component linked to the project
• potential future products or productivity gains arising from the project
• the requirements for successful implementation and identified risks and their mitigants and/or controls
• financing and funding arrangements that might be relevant for consideration under the project
• evidence of experience in delivering projects similar in scope and scale to the project or otherwise demonstrating capability and capacity to deliver the project
• confirmation of the co-contribution to the project, including from the applicant and other sources
• confirmation of how the project aligns to one or more priority industries, technologies or precincts as listed in the NSW Industry Development Framework

Joint applications need to supply written commitment from all entities within the structure that they agree to the application and that any newly formed entity will have its staff located and paid in NSW.

See the guidelines full details of information requirements.

Applications are submitted online via the SmartyGrants portal.

Applicants who meet eligibility requirements will be invited to submit a detailed application.

Book a no obligation discovery session with GrantHelper to increase your chances of success.